Nevada: *Final* avg. unsubsidized 2025 #ACA rate changes: +7.3% (updated)

Originally posted on 9/05/24

This press release is from August 1st (sorry, still playing catchup):

Nevadans Get a Preview of 2025 Proposed Health Insurance Rate Changes for Upcoming Open Enrollment

 Starting today, Nevada consumers who shop for their health insurance on the individual health insurance market can view and provide comments on proposed rate changes for Plan Year 2025.

The Nevada Division of Insurance (Division) has received and made public on its website the 2025 proposed rate changes from health insurers intending to sell plans on and off the Silver State Health Insurance Exchange (the "Exchange"). The Exchange is the state agency that assists eligible Nevada residents to purchase affordable health and dental plans.

"We are pleased to offer consumers this advance opportunity to review their insurance options and identify the plan that best accommodates their budget and coverage needs," said Insurance Commissioner Scott Kipper. "With 185 plans to choose from, we encourage Nevadans to take advantage of this opportunity to review their options before the 2025 Open Enrollment period begins on November 1st."

The Open Enrollment period for 2025 will run from November 1, 2024, through January 15, 2025. During open enrollment, Nevadans can shop for On-Exchange health insurance plans by visiting NevadaHealthLink.com or by calling (800) 547-2927.

Based on the rate submissions received by the Division for 2025 plans, the overall individual market has a proposed average rate increase of 7.11% with a total of eleven companies and 185 plans from which consumers can choose. Of those plans, 141 will be available to consumers through the Exchange.

Below is a breakdown of all insurance companies that will be offering health insurance plans on the 2025 individual health insurance market:

• Aetna Health
• Health Plan of Nevada
• HMO Nevada
• Hometown Health Plan
• Hometown Health Providers (Off-Exchange only)
• Imperial Insurance Companies (On-Exchange only)
• Molina Healthcare of Nevada (On-Exchange only)
• Select Health
• Sierra Health & Life (Off-Exchange only)
• SilverSummit

...Approved rates will be posted on the Division's website on October 1, 2024.

Interestingly, the weighted average requested rate increase comes in slightly higher according to my spreadsheet at 7.5% vs. the official NV DOI claim of 7.11%, but whatever.

The good news is that the SERFF database includes the unredacted filings including the actual enrollment for every carrier on the individual market.

The bad news is that the small group filings seem to be missing entirely from SERFF, and only a few of the unredacted consumer summaries are available on the federal Rate Review site, so I can only run an unweighted average there, which comes in at 7.4%.

It also looks like Aetna is dropping out of the Nevada small group market next year, although that may have already happened this year.

UPDATE 10/04/24: Nevada's approved/final rate changes have been posted. Not much has changed overall (overall average rate hikes for individual market plans dropped slightly to 7.3%; small group plans didn't change at all), but a few individual carriers saw significant changes--particularly Imperial Insurance, which went from a 3.4% reduction to an 8.9% increase...except they only have 27 people enrolled statewide anyway.