A Nevadan’s Guide to Finding Affordable Health Insurance
When choosing the best health insurance coverage, it is important to consider your expected medical expenses; deductibles, copays, out of pocket total expenses, your doctors, hospitals, networks (national or local), and your income level. So many factors go into this expensive monthly decision.
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For Nevadans who qualify for Medicaid, this free or low-cost option covers inpatient and outpatient hospital care, along with medically necessary vaccinations, lab and radiology services, emergency care, maternity care, vision and dental services and routine doctor’s office visits. Under the Affordable Care Act, the state has expanded its Medicaid program so that those whose income is below 138% of the federal poverty level qualify.
If you are not eligible for Medicaid and you do not receive health insurance through your employer, then you can sign up for health insurance using Nevada Insurance Enrollment’s licensed, experienced, and knowledgeable agents. Our agents are free to you, and your price will not change for using an agent. The insurance company pays for agents whether you use them or not. So it just makes sense to get knowledgeable help. While health insurance plans vary depending on where you live, you can choose from many different companies in their Bronze, Silver and Gold metal levels of coverage.
Choosing the Right Metal Tier for Your Needs
Regardless of the metal tier you choose, the health insurance plan that you purchase on Nevada Health Link covers ACA’s 10 essential benefits. The difference is in out-of-pocket expenses, including deductibles, premiums, coinsurance and copays. With some plans, you pay more upfront but have a greater portion of medical expenses covered. With others, monthly premiums are smaller but the plans have larger out-of-pocket costs for care.
Bronze plans are the near cheapest health insurance policies available on the marketplace. These plans, which have low monthly premiums and large deductibles, are often a good choice for those who are young, healthy and do not expect to incur large medical expenses. For a 40-year old nonsmoking male in Las Vegas, premiums for Bronze plans range between $260 and $370 per month.
Silver plans are a step up from Bronze plans and come with slightly higher deductibles but lower out-of-pocket costs. For those who do not expect to see their doctor more than a couple of times in 2021, the benefit of choosing this plan over a Bronze plan is that they may qualify for cost-sharing reductions. For a 40-year-old Las Vegas male, average premiums range between $360 and $470, unless you are lower income, then your premiums could be much smaller, depending on the income.
Silver plans are the only plans that offer “cost share reduction” which reduces your out of pocket medical costs when you see doctors and go to hospitals, etc.
Gold plans have the highest monthly premiums and the lowest deductibles, making them great for those who have chronic health conditions or expect to incur high hospital bills due to circumstances such as a scheduled surgery. A 40-year-old Las Vegas male can expect to pay between $440 and $550 per month in premiums for this type of plan.
Choosing the Best Policy with Nevada Insurance Enrollment
Depending on your income and the plan you choose, you may qualify for premium tax credits and cost-sharing reductions, making robust health insurance coverage even more affordable. At Nevada Insurance Enrollment, our health insurance agents review your income and medical needs and help you find the best health insurance plan that fits your budget.