If you buy health insurance on the individual market, without help from an employer, you may want to know what Nevada is doing to protect you from unfair and unnecessary premium rate increases. Here’s a summary of the Nevada laws that govern rate increases. Caution: the laws and regulations on the books don’t always reflect what actually happens in practice. Contact your state’s insurance agency for further information.
- Nevada does require prior approval for all individual market rates. NRS 686B.070.
- Rates for individual health products are deemed approved if they are not disapproved within 60 days after a filing is determined to be complete. NRS 686B.110. For nonprofits, the period is 30 days. 695B.230.
- Rates for HMOs may not be “excessive, inadequate, or unfairly discriminatory.” 695C.180. Approval must be within a “reasonable” time. 695C.200.
- An insurer must provide 60 days notice to an individual of a change in rates. NRS 687B.420.
- Rates must not be excessive, inadequate or unfairly discriminatory, nor may an insurer charge any rate which if continued will have or tend to have the effect of destroying competition or creating a monopoly. NRS 686B.050.
- Rate filings are not posted online, but are open to public inspection. NRS 686B.080. The state has posted online a list of recent rate requested and approved rate increases at http://www.doi.state.nv.us/healthreform.aspx.
Information is based on review of state statutes and regulations and in some cases, interviews or emails with state insurance departments.