In recent healthcare news, Anthem announced Monday it will be pulling out of Nevada’s Obamacare exchange for 2018. Other insurers are also expected to downsize their involvement or to hike rates in the coming weeks…
Planning and pricing for Affordable Care Act-compliant health plans has become increasingly difficult due to shrinking individual markets and uncertainty in federal operations.
Insurance Commissioner Barbara Richardson issued the following statement in response to a request by Anthem under Nevada Revised Statute 679B.190(5)(b) regarding Anthem’s announcement that it will be withdrawing plans from Nevada’s Exchange in 2018:
“On July 28, 2017, Anthem submitted a Notice of Intent to withdraw from the Silver State Exchange for Plan Year 2018. As such, Anthem will no longer have a presence in Nevada’s individual health market with the exception of catastrophic plans which can only be purchased off the Exchange throughout the state. These plans restrict availability to consumers under 30 years old or with a low income” states Commissioner Barbara Richardson.
Prior to this notice, Anthem had submitted filings to offer Qualified Health Plans (QHPs) in Clark, Washoe and Nye counties. Based on the rate submissions the Division of Insurance received from Anthem, they proposed an average rate increase of 62 percent. This proposed rate increase did not reflect the potential elimination of payments to insurance carriers for Cost Share Reductions (CSRs). Loss of the Cost Sharing Reduction payments has the potential to increase further rates in the Nevada market.
This announcement follows a notice earlier last month when Anthem withdrew from the Silver State Exchange in 14 counties leaving consumers in those counties without an option on the Exchange for Plan Year 2018.
“While the Division is disappointed in Anthem’s latest decision regarding its withdrawals, we believed that it was in the interest of the Nevada public to let consumers know about the Anthem decision as soon as possible” declared Commissioner Richardson. “The Division is continuing to work with our state partners on attracting an insurance carrier to serve the 14 bare counties and to support the stability of the market for those insurance carriers who remain.
We are also working with our state partners on a plan to help consumers shop the Exchange market at open enrollment for the 2018 Plan Year and remain optimistic that there will be coverage for consumers on the Exchange throughout the state.”
About the Nevada Division of Insurance
The State of Nevada Division of Insurance, a Division of the Nevada Department of Business and Industry, protects the rights of Nevada consumers and regulates Nevada’s $14 billion insurance industry. The Division of Insurance has offices in Carson City and Las Vegas. In 2016, the Division investigated more than 3,200 consumer complaints and recovered nearly $5 million on behalf of consumers. For more information about the Division of Insurance, visit DOI.NV.GOV or download the Division’s smartphone app NDOI Connect today in the Apple App Store and Google Play.
Courtesy: Nevada Division of Insurance