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6 health insurance terms Nevada residents need to know.

September 30, 2014 By NevadaHealth

6 Health insurance terms Nevada residents need to know.

  • Premium A premium is a fixed amount you pay to your insurance plan, usually every month. You pay this even if you don’t use medical care that month.
  • Deductible If you need medical care, a deductible is the amount you pay for care before the insurance company starts to pay its share. Once you meet your deductible, your insurance company begins to cover some costs of your care. Some plans have lower deductibles, like $250. Some have higher deductibles, like $2000. Many plans provide preventative services and sometimes other health care, before you’ve met your deductible.
  • Copayment A copayment is a fixed amount you’ll pay for a medical service after you’ve met your deductible. For example, after meeting your deductible you may pay $35 for a visit to the doctor’s office that would cost $125 if you didn’t have coverage. The health plan pays the rest.
  • Coinsurance Coinsurance is similar to copayment, except it’s a percentage of costs you pay. For instance, you may pay 30% of the cost of a $100 medical bill. So you would pay $30 and the health plan would pay the rest.
  • Out-of-pocket maximum This is the total amount you’ll have to pay if you get sick. For example, if your plan has a $3000 Out of pocket maximum, once you pay $3000 in deductibles, coinsurance, and copayments the plan will pay for any covered care above that amount for the rest of the year.
  • No yearly or lifetime limits Health plans in the HealthCare Marketplace can’t put dollar limits on how much they’ll spend each year or over your lifetime to cover essential health benefits. After you’ve reached your out-of-pocket maximum, your insurance company must pay for all of your covered medical care with no limit according to the affordable care act ACA or the marketplace. Now that you’re are familiar with a few basic terms you now will be able to get your free health insurance quote at Nevadahealth.com just enter your zip code below or call us at  702-410-8002.

Filed Under: Uncategorized Tagged With: health insurance terms

Do I have to buy health insurance?

September 30, 2014 By NevadaHealth

Do I have to buy health insurance?

A: If you are currently living in Utah and uninsured, then yes. Beginning on Jan. 1, 2014, all U.S. citizens will be required to have health insurance or pay the penalty.  The penalty for 2014 is $95 per adult, $47.50 per child, $285 for families, or 1 percent of annual household income, whichever is greater. There are certain exceptions: religious affiliation, membership to an Indian tribe, citizens living abroad, and undocumented immigrants may not have to comply. And if you already have health insurance through your employer, you don’t have to worry about buying health insurance.  Some hardship exemptions exist here is a list subject to change at anytime

The penalty increases every year. For example in 2015 it’s 2% of income or $325 per person. In 2016 and later years it’s 2.5% of income or $695 per person. After that it’s adjusted for inflation. This is subject to change at anytime though it looks like this is what the penalties will be.

If you’re uninsured for just part of the year, 1/12 of the yearly penalty applies to each month you’re uninsured. If you’re uninsured for less than 3 months, you don’t have to make a payment.

You’ll pay the fee on your 2014 federal income tax return. Most people will file this return in 2015. Make sure you plan ahead and make any changes with the marketplace if you’re getting a health subsidy. You don’t want to end up with a tax bill

 

List of 14 Hardship exemptions

If you have any of the circumstances below that affect your ability to purchase health insurance coverage, you may qualify for a “hardship” exemption in Utah

  1. You were homeless.
  2. You were evicted in the past 6 months or were facing eviction or foreclosure.
  3. You received a shut off notice from a utility company.
  4. You recently experienced domestic violence.
  5. You recently experienced the death of a close family member.
  6. You experienced a fire, flood, or other natural or human-caused disaster that caused substantial damage to your property.
  7. You filed for bankruptcy in the last 6 months.
  8. You had medical expenses you couldn’t pay in the last 24 months which resulted in substantial debt to you.
  9. You experienced unexpected increases in necessary expenses due to caring for an ill, disabled, or aging family member.
  10. You expect to claim a child as a tax dependent who’s been denied coverage in Medicaid and CHIP, and another person is required by court order to give medical support to the child. In this case, you do not have the pay the penalty for the child.
  11. As a result of an eligibility appeals decision, you’re eligible for enrollment in a qualified health plan QHP through the Marketplace, lower costs on your monthly premiums, or cost-sharing reductions for a time period when you weren’t enrolled in a QHP through the Marketplace.
  12. You were determined ineligible for Medicaid because your state didn’t expand eligibility for Medicaid under the Affordable Care Act.
  13. Your individual health  insurance plan was cancelled and you believe other Marketplace plans are unaffordable.
  14. You experienced another hardship in obtaining health insurance.

Filed Under: Uncategorized Tagged With: buying health insurance

When can I sign up for health insurance in Nevada?

September 30, 2014 By NevadaHealth

Q: When can I sign up for health insurance in Nevada?

A:  Sign for Nevadans  is set for November 15, 2014 effective date coverage starts January 1, 2015. Sign up December 16, 2014 to January 15, 2015; coverage starts February 1, 2015. Sign up January 16, 2015 to February 15, 2015; coverage starts March 1, 2015. These dates are subject to change at anytime please check with your local Nevada health insurance agent to make sure you’re applying for the correct effective date or just visit NevadaHealth.com to compare rates and plans

 

 

Filed Under: Uncategorized Tagged With: health insurance in utah

What is the Nevada health insurance marketplace

September 30, 2014 By NevadaHealth

Q: What is the Nevada health insurance marketplace?

A: The Nevada health insurance marketplace or also known as the obamacare or healthcare marketplace, is an online health insurance marketplace where consumers can shop for and buy health insurance during open enrollment periods (the current open enrollment runs from Nov 15, 2014  through Feb 15th, 2015). The idea is to be able to compare health plan choices, determine if you are eligible for a tax credit (called a subsidy) to help pay for your plan, and find out if you qualify for Medicaid, the federal insurance program for the poor. If your interested to know how much it will cost you with out giving out your email, phone number and name visit nevadahealth.com

Filed Under: Uncategorized Tagged With: utah health insurance marketplace

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