You’re healthy and never visit the doctor. It’s been years since you’ve purchased health insurance. So you’re asking yourself “why should I buy Nevada health insurance now?”. For one, health insurance protects you and your finances. It ensures you receive proper medical care to recover from periods of illness or injury, that you are not burdened with unpaid medical bills, and that you can return to work to provide for yourself or family. Second, the Patient Protection and Affordable Care Act, also known as the ACA, now mandates that all Americans purchase health insurance or pay a penalty. This is known as the Individual Mandate and the penalty can be quite severe. If you fail to purchase a qualified health plan the penalty for 2014 is $95 per adult or 1% of the taxable income, whichever is greater. For 2015 the penalty is $325 per adult or 2% of the taxable family income, whichever is greater. For 2016 the penalty is $695 per adult or 2.5% of taxable family income, whichever is greater. And beyond 2016 the penalty amounts increase each year based on cost of living increases. For example, John Doe, a single 30 year old non-smoker, earns $100,000 per year and fails to purchase a qualified health insurance plan. By 2016 his penalty will have increased to $2,500. Ironically, he could have purchased a basic health insurance plan for $2,484 from Health Plan of Nevada. For more details on the Individual Mandate read the attached article from the Kaiser Family Foundation.
Yes, the cost of health insurance plans under the ACA have increased. We are now insuring everyone at the same price, even those with pre-existing health conditions that will cost the health insurance companies millions of dollars per year more. In order for the health insurance companies to stay in business, they’ve had to raise the price of health insurance plans for everyone.
So, what are your choices for Nevada health insurance?
1) Do nothing and pay the penalty. If your income is low your penalty might be low. However, keep in mind that unexpected health problems, and unpaid medical bills, are one the highest contributing factors to bankruptcy. This can mean financial ruin for you for years.
2) If your income falls under 400% of the Federal Poverty Level, or about $46,000 per year for a single person, you can purchase a qualified health plan on the State Exchange and receive a subsidy. Keep in mind the State Exchange is still slow, riddled with problems and glitches, and extremely frustrating to deal with. However, it might be worthwhile once you get that subsidy.
3) If your income is over 400% of the Federal Poverty Level, or about $46,000 per year for a single person, you can purchase a qualified health plan at the full premium, that is, without a subsidy.
Finding and understanding insurance plans can be difficult and confusing. Beware of online pricing that seems too good to be true such as temporary health insurance plans. Temporary plans exclude pre-existing conditions and exclude coverage for a wide variety of illnesses and injuries. Because of this they are not considered a qualified health plan which means you’ll still have to pay a tax penalty at the end of each year. Our Agents at Safeguard Insurance can help you buy a qualified health plan both on the State Exchange and directly through the insurance companies. We write for an impressive lineup of companies such as Nevada Health Co-op, Health Plan of Nevada, Sierra Health and Life, Coventry, Anthem Blue Cross Blue Shield, and Assurant. Our Agents are trained and knowledgeable in plan levels such as Silver vs. Gold, plan types such as HMO vs. PPO, and the different out-of-pocket expenses you might incur, such as co-pays, deductibles, and co-insurance.
Don’t forget about dental and vision insurance. Surprisingly the health of mouth plays a role in your overall health. Studies have shown a strong relationship between gum disease and diabetes, heart disease, and stroke. It is believed inflammation in your gums impairs the body’s ability to properly utilize insulin, it constricts blood vessels causing less blood to flow to your heart, and it increases your blood pressure. Dental insurance is affordable, with plans starting as low as $13 per month when purchased as part of a health insurance plan. Our Agents can help you find a plan that meets your needs, whether it be a basic plan for routine cleanings and exams, or a more robust plan that coverage major procedure and even orthodontic coverage for your children. We’ve even set up a convenient website for you to receive instant dental and vision insurance quotes. You can review pricing, coverages, conditions, and even purchase a plan online.
Call us at 638-0022 for a free no obligation quote on health, dental, or vision insurance for yourself, family, or business. Our Agents at Safeguard Insurance are standing by to help you!