The cost of health insurance is one of the main reasons many Nevadans choose to go without it. We talked with an industry expert to explain some common health insurance terms and provide advice on what to consider when researching your options and the value of health insurance coverage.
“Don’t be misled by the deductible amount.” That is the sound advice that broker Brent Leavitt would like you to know. Leavitt, owner of Battle Born Financial Advisor, has offices in both Las Vegas and Pahrump and says he sees people get stalled all the time. “Many people try to go it alone when shopping for health insurance. And once they see a deductible amount, they stop because they fixate on that number and don’t really understand everything that the policy actually covers.”
Deductible amounts vary depending on the health insurance plan and coverage you choose. A deductible is the amount you pay for health care services before your health insurance begins to pay. It’s important to keep in mind the deductible is only part of the equation.
When researching the affordability of different health plans, take into account the following:
- Monthly Premium. This is the monthly amount you pay to your insurance provider. Generally, if your deductible is higher, your monthly premium is lower. Four out of five Nevadans who enroll in a health insurance plan through Nevada Health Link qualify for financial assistance, known as subsides or tax credits, to help them pay their monthly premiums; something to keep in mind when you’re shopping.
- Preventative and Primary Care. Some procedures or services, such as annual check-ups, may not be subject to first meeting the deductible. Different plans offer different coverage and you may only be required to pay a small copay.
- Prescription Coverage. If you or a member of your family require medications to manage your health conditions, you know that prescription costs can add up. All plans offered through Nevada Health Link cover the 10 Essential Health Benefits, including prescription coverage. This can keep your monthly prescription costs more manageable.
- Out-of-Pocket Maximum. Each health insurance plan includes a predetermined maximum amount that you would spend for covered services in one given year. That could mean a potential savings of tens of thousands of dollars, should you have an unfortunate mishap such as a broken foot requiring surgery to repair!
With health insurance, there’s more than meets the eye so it’s important to talk to the experts. Nevada Health Link offers free enrollment assistance from licensed brokers like Brent Leavitt with Battle Born Financial Advisor. You can trust our partners to review your options and help you enroll in a health insurance plan that gives you peace of mind. Knowing you’re covered, no matter what life brings is the kind of assurance we all can use.
Open enrollment begins November!