While it’s true that Nevada’s health insurance sector isn’t as stable as the other better-performing states, its residents still has a lot to thank for. One is the lower-than-national-average approved rate increase. There are many factors that helped contribute to this, and knowing this will help you make certain you pay for a plan best suited to your needs and finances.

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Health ratings: Another influencer of rates

Rates also largely depend on location-based health performance. This means that all the people living in a specific area actually contribute to how high or low the premiums they pay for. Nevada didn’t perform quite poorly in the 2015 State Health System Performance study that The Commonwealth Fund conducted. Of all the 50 states and the District of Columbia, it only ranked 43rd. Its best score (quintile of 2) was for “Avoidable Hospital Use & Costs.” It received a score of 3 for “Healthy Lives,” and 4 in the remaining indicators including “Access,” “Prevention & Treatment,” and “Equity.” Here are some of the most important findings of the study regarding the overall health of the state’s residents:

  • Mortality amenable to healthcare: 92 out of 100,000 people

  • Breast cancer fatalities: 22.5 out of 100,000 women

  • Colorectal cancer fatalities: 16.8 out of 100,000 individuals

  • Percentage of adult smokers: 16%

  • Adult obesity: 28%

  • Obesity in children aged 10-17: 33%

As for access to health insurance in the state, the organization reported the following comparisons:

  • 21% of adults (19 to 64 years old) don’t have insurance, compared with the national average of 15%

  • 10% of children (infants to 18 years old) are uninsured, as opposed to the countrywide average of 6%

  • 17% of the adult population chose not to obtain insurance due to the high costs associated with it (the same with the US average)

  • 18% of adults had expensive out-of-pocket medical bills, 2% higher than the national average of 16%

Your choice in a metal tier

Of course, the type of coverage you choose also dictates your rates. You can choose one from the four available metal tiers. Note though that many of the country’s citizens favor the silver plans, although the platinum offers the greatest reimbursements. Below you’ll see the breakdown of each option:

Bronze – 60%

Silver – 70%

Gold – 80%

Platinum – 90%

Bronze
Silver
Gold
Platinum

Now that you know two of the most critical factors that affect rates, it pays to know how much your average premiums might be. In a separate United States Department of Health & Human Services report, it listed the following projected premium averages for 2017:

  • Average lowest-cost, monthly premium within metal level: $371

  • Average net premium for lowest cost plan within metal tier: $112

  • Second-lowest silver before advance premium tax credit (for a 27-year old with a $25,000 household income): $249

  • Second-lowest silver after advance premium tax credit (for a 27-year old with a $25,000 household income): $142

  • Second-lowest silver before advance premium tax credit (for a family of four with a $60,000 household income): $903

  • Second-lowest silver before advance premium tax credit (for a family of four with a $60,000 household income): $405

More people now have insurance

One of the changes that played a big role in the lower rate hikes is the addition of 294,000 people in the state’s insured population. The Silver State, back in 2010, had a 22.6% uninsured rating. This went down to 12.3% in five years, the U.S. Department of Health & Human Services reports. From its estimated population of 2,890,845 (2015, latest data1), 10.3% obtained coverage during the completion of the study. Improving these numbers won’t just help the people of Nebraska to have better premiums in the future. It will also help them live healthier lives, which should take priority over anything else.

References:

http://datacenter.commonwealthfund.org/scorecard/state/29/nebraska/

https://aspe.hhs.gov/sites/default/files/pdf/212721/2017MarketplaceLandscapeBrief.pdf

https://aspe.hhs.gov/compilation-state-data-affordable-care-act

1Latest data: The U.S. census is conducted every 10 years as per requirement of the United States Constitution. The 23rd edition and the latest data is the 2010 United States Census. Source: https://en.wikipedia.org/wiki/2010_United_States_Census
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