Nevada Announces 2016 Health Insurance Rate Hikes

Sept. 02--The Nevada Division of Insurance has announced a rate increase for health insurance in 2016.

Rates for small businesses and their employees will increase 5 percent next year, while individual consumers purchasing insurance through the Nevada health exchange will see an average rate increase of 8.7 percent. Rates for insurance plans purchased in the individual market will increase 9.6 percent.

"Nevadans benefit from a very competitive market with 18 different carriers competing annually," Acting Insurance Commissioner Amy Parks said in a statement. "This market competition has served to keep rate increases low in the small group market and has moderated rate changes in the individual market to below 10 percent for the last two years."

The Division partners with actuarial consulting firms to review Nevada rate changes for compliance with state and federal laws -- making sure it's fair for both consumers and insurers.

Consumers can view the rate filings here http://ift.tt/1KLtev3.

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