The Year-Round Enrollment into Health Insurance with a 90-Day Waiting Period is No Longer Available
Up until 10/1/2019, Nevada residents had the option of enrolling in off-exchange health insurance plans at any time during the year. The catch? There was a 90-day waiting period after enrollment before coverage becomes effective. However, after 10/1/2019, Nevada joined the rest of the nation in only allowing enrollments during the open enrollment period.
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What’s the Purpose of a Health Insurance Enrollment Period?
Starting in 2014, the Affordable Care Act (ACA) implemented an open enrollment period to buy health insurance. Unless you experienced a qualifying life event or otherwise qualified for a special enrollment period, in order to have health insurance coverage, you had to sign up for health insurance during that period.
Before the ACA, health insurance companies could deny coverage to someone with a pre-existing condition as a means of controlling costs. This kept a lot of people who needed health insurance from getting a policy that would provide the coverage that they needed. When the ACA took effect and health insurance companies could not discriminate based on health status, suddenly, those people could get much-needed coverage.
The enrollment period was put in place to ensure that the market wasn’t suddenly flooded only with people who would need health insurance coverage for pre-existing illnesses, injuries and disabilities, which would force insurers to drastically increase their rates. During the open enrollment period, virtually everyone had to sign up for coverage, ensuring that there was a balance between healthy people and those who were more likely to need coverage for large medical bills.
What’s Changing for Nevada Residents?
Nevada residents had the freedom to enroll in health insurance at any time. Enrollment periods were extended in the state, making Nevada unique. However, in 2020, the year-round enrollment into health insurance with a 90-day waiting period is no longer. Residents will be required to enroll in health insurance during open enrollment or go without an ACA (Obamacare) coverage (unless they have a life event, like marriage or having a baby, etc).
As is the case in other states, those who have experienced a significant life change may be eligible to apply for health insurance with a special enrollment period. If you’ve experienced a major life event, talk to a health insurance agent to find out if you qualify for a special enrollment period.
Getting Covered with Nevada Insurance Enrollment
Deciding what type of coverage is right for you and your household, understanding what is and is not covered by your policy and even knowing when is the right time to purchase coverage can be a daunting task. While the health insurance changes taking place in Nevada will ultimately benefit residents, navigating the new system is challenging without expert help.
At Nevada Insurance Enrollment, our health insurance agents are here to help you find the right health insurance coverage. Our services are free to our customers, making it a risk-free way to ensure that you’re getting the best policy for your needs and budget. Contact our agents to learn more about enrolling in health insurance.