Re-posted on 4/5/18
NEW 2019 Federal Poverty Level Chart added 10/13/18
See the Health Insurance Subsidy Chart below.
There is additional assistance called the “Cost Sharing Reduction”.
If your family size and income ranks you under the 250% Federal Poverty Level, you are eligible for additional assistance to reduce your overall out of pocket medical expenses.
This benefit is only available when you buy a “Silver” plan.
Your deductible, out of pocket maximum, co-pays and co-insurance will be less. You’ll get additional financial assistance to cover more of your portion of the medical expenses. So in addition to getting the “Advanced Premium Tax Subsidy,” you’ll also have the “Cost Sharing Reduction” to reduce deductibles, co-pays, and co-insurance.
If your income is under the 250% poverty level, this is a very important and financially beneficial benefit to take advantage of.
This chart was updated 10/13/18
We’ve seen Nevadan’s enroll into a health insurance plan without help from a broker/agent, they buy the cheapest health plan available, shopping for the cheapest premium possible. If they’d understood this benefit, in some instances for just a few dollars more a month, their deductible could go from around $6000 down to sometimes as low as $0!
DO NOT harm yourself financially by picking a plan and not understanding the benefits you may be entitled to and may miss out on.
What does this mean exactly?
Let’s say you pick a bronze plan (the cheapest plan you can find), just to avoid getting a tax penalty. Then, during the year you actually use your insurance, like needing to have surgery or two broken legs, the hospital may ask you to pay your $6000 deductible first before they will perform your surgery. Even if they bill you, you still owe $6,000 (or whatever your HIGH deductible is).
Now, if you would have gotten good advice and assistance and enrolled into a SILVER plan (when you are entitled to a cost sharing reduction), it’s possible your deductible could be as low as $0.
We’ve sadly seen it too many times that someone purchases the cheapest plan they can, not understanding that they were giving away a $0 deductible plan for a $6,000 deductible plan, only to save themselves a few dollars a month.
Get sound advice from a local health insurance agent that knows Nevada’s plans.