Health Insurance in Nevada

If you live in Nevada and do not have insurance at the moment or you buy your own, then you may want to find out whether you are eligible for the Affordable Care Act. If you are not eligible, you may need to compare private health plans to find the best one for you. If you are not thinking of buying Nevada health insurance at all, you should reconsider, as an unexpected medical cost can leave you bankrupt if you're uninsured. There are also financial penalties for not having health insurance. Here we'll take a look at how to get Obamacare or private health insurance Nevada . 

How to find out if you qualify for the Affordable Care Act 

First, you have to find out if you qualify for tax credit (or subsidy) that you can use towards paying for your health insurance. Tools like <this calculator> (http://nation.time.com/2013/09/25/calculate-your-insurance-costs-under-obamacare/) developed by the Kaiser Family Foundation will give you an estimate of your eligibility and how much insurance under the Act will cost you. Select your state on the form and enter the other details to get the estimate. 

Note that since the first enrollment deadline was March 31, you can only enroll again from November 15, when the next open enrollments will begin. Until then, you may have to pay a penalty of $95 per adult or approximately 1 percent of your annual income, whichever is more for 2014.

If you don’t have coverage in 2015, you’ll pay the higher of these two amounts:

• 2% of your yearly household income. (Only the amount of income above the tax filing threshold, about $10,000 for an individual, is used to calculate the penalty.) The maximum penalty is the national average premium for a bronze plan.
• $325 per person for the year ($162.50 per child under 18). The maximum penalty per family using this method is $975.

The Fee after 2015:
The penalty increases every year. In 2016 it’s 2.5% of income or $695 per person. After that it's adjusted for inflation.

You may still be able to enroll right now if you face a major life event such as lost coverage, a marriage, a divorce or separation, an adoption, a change in your household income, a move to another zip code or county, a change in immigration status, or a loss in dependent status. 

 If you qualify for Obamacare, the subsidy you receive can bring down your monthly Nevada health insurance premiums or be used as a yearly tax credit. You can only use the healthcare Act with a health plan (known as Exchange Plan) approved by the Nevada and federal governments. These Exchange Plans maintain standards so that if you have a pre-existing condition, you are not denied insurance like many private plans would. 

 If you choose not to take the mandatory health insurance under Obamacare, you can decide whether or not to pay the tax penalty. However, since the calculations of exact penalties are complex, you should consult a financial adviser for health insurance, Nevada to help you decide the matter. 

 If you don't qualify for Obamacare 

 If you are not eligible to receive Obamacare, you can pay for your own health insurance from among private plans as well as Health Exchange Plans approved by the government. Private plans can often offer you less coverage or benefits, but at a far cheaper cost than the Exchange Plans. Private plans may make health insurance more affordable than Obamacare for some people. 

 However, it is advisable to have some kind of insurance, even a basic one with few benefits, to bring down costs. Otherwise, you have to pay for your own doctor's visits, vaccinations, check-ups, emergency visits and hospital stays, which could run into tens of thousands of dollars. Get health insurance and avoid huge expenses for unforeseen, accidental medical expenses. 

Sources: 

· Nevada Division of Insurance (http://doi.nv.gov/Healthcare-Reform/)

· About.com (http://renotahoe.about.com/od/hospitalshealthservices/a/Obamacare-In-Nevada.htm)

- Health Care.gov (https://www.healthcare.gov)

DISCLAIMER:  Nothing contained in this article is intended as insurance advice nor does one relying upon that which is contained herein create a client relationship with the author or his affiliates.  Please contact a licensed insurance agent before taking any action on this advice.