Thanks to the American Rescue Plan, signed into law by President Joe Biden earlier this month, existing Nevada Health Link customers will have a chance to review their health plans and possibly change coverage starting Thursday, April 1.
Those who update their coverage will qualify for increased subisidies – whether or not they change their plans. If they don’t update, their subsidy will remain the same with the difference between their current and increased subsidies being refunded on their 2021 tax return.
One reason to change plans is that, with the increased subsidies, those with Bronze plans may be able upgrade to Silver plans that provide better coverage to include cost-sharing and deductible savings. Premiums are expected to drop by as much as $50 per person or $85 per policy. The previous law was designed to keep costs at no more than 9.83 percent of monthly income, while the new subsidy will lower the cost to just 8.5 percent of your household monthly income.
Another major element of the law will allow those who previously did not qualify for a subsidy to now receive one. In the past, those who made over $51,000 as an individual , $70,000 as a couple or $90,000 as a family of four did not qualify for a subsidy. Now, their insurance cost will be limited to 8.5 percent of their monthly income and not has a cap limited as it did previously. It is estimated that those couples whose income is $70,000 will now be paying $1,000 a month less for their health insurance. A family of four making $90,000 per month is expected to save up to $200 per month.Already, starting Feb. 15, those without insurance have been allowed to buy insurance on the Nevada Health Link. That period was initially expected to end on May 15, but it has been extended to Aug. 15 by President Biden. It is unclear if existing customers will be allowed to change after May 15. The NVHL has yet to announce if that will be the case.
Ron Bliss is an independent agent with an office at 625 Fairview Avenue, Suite 126 in Carson City. He has been a broker on the exchange since 2014 and sells products on and off the exchange. Call him at 775-224-7169 to set up an appointment for Medicare and Major Medical policies. Supplemental plans for vision dental and accident and life insurance plans are also available.