Open enrollment begins on November 1, 2017 and will last until December 15, 2017. The uncertainty for Nevada health insurance plans still remains unclear as the official rates has yet to be released. Medical providers in Nevada are exiting many health insurance medical networks. On a positive note Silver Summit Health Insurance Company will be offering health insurance plans throughout Nevada.
When the affordable care act (ACA) first began it was told that premiums would increase each year until 2020 where then the insurance premiums would become stable. The health plan year 2018 health insurance premiums are expected to rise about 30% from the current market rates.
It is still unclear how the new Trump Administration will continue to provide advance premium tax credits to offset the cost for medical insurance plans.
Today President Trump spoke in the "blue room" of the White House, Washington D.C. about repeal and replacing the Obama Care health insurance system. The President began with emergency relief for the "Laws" victims. To explain the President disclosed the abolishment of the individual and employer health insurance mandates. One of the biggest tax that the President is planning to eliminate is called the cadillac tax. The cadillac tax imposes an annual 40% excise tax on plans with annual premiums exceeding $10,800 for individuals or $29,500 for a family starting in 2020, is to be paid by the health insurance companies.
During President Trump's statement he has indicated no plans to abolish health insurance for Americans with pre existing conditions. The senate bill protects Americans living with pre-existing conditions.
The President has spoken a lot about health savings account. One key benefit that the President is planning to implement is higher contributions to a health savings account. A health savings account is used to pay for out of pocket medical expenses that is not covered by a health insurance plan.
The President's plan does help the middle class because the plan is intended to stabilize the health insurance market, by reducing cost, and eliminating the tax provision in the current law.
The health insurance market currently is scarce. In many States there is very few health insurance plans to choose from. The President wants to change that. When more companies compete, the better the outcome for the consumer.
The debate is still on, the President (mentioned on Fox News) is waiting for the healthcare bill to reach his desk. What does this proposed bill mean? To begin it will remove the medicaid expansion provisions in the current healthcare law. Second it would group Americans with a pre-existing condition into a separate group. Americans living with a pre-existing condition can not be denied health insurance, but they could be charge more, a lot more. Families depending on medicaid would be required to pay for medical services, and monthly health insurance premiums.
Former President Barack Obama said in his comment the wealthy would pay a little more, while giving relief to the middle class. President Trump appear to be doing the opposite. President Trump is including in his plan higher contributions for health savings accounts is $3,400 for an individual and $6,750 for a family. Here is a question is there anyone who earns an annual income between $20,000 to $60,000 per year contributing the maximum to there health savings account. The only person President Trump would benefit by implementing this benefit is higher wage earners, Americans with annual income of $100,000 or higher.
As a broker, what I hope to see is the health insurance companies began to rebuild there medical networks, improve agent/ broker compensation, and lower premiums.
Insurance Group of Nevada Corp .