If you’re one of the many Nevadans who rely on health insurance coverage through the Marketplace, then you may have been impacted by some of the recent changes to Obamacare. While a majority of Obamacare has remained in place, 2019 brought a few changes to the program. A health insurance adviser from Nevada Insurance Enrollment can help you determine how these changes may affect you and help you find health insurance coverage that will best fit your needs.

Repealing the Individual Mandate

Among the most notable changes to Obamacare was the elimination of the individual mandate. The individual mandate required virtually all U.S. citizens to have health insurance coverage. Those who did not have health insurance and did not qualify for an exemption from the individual mandate were subject to a tax penalty.

In December of 2017, the Tax Cuts and Jobs Act eliminated the individual mandate penalty starting in 2019, on the grounds that citizens should not be penalized by the government for not purchasing something. While those who didn’t have health insurance in 2018 still had to pay the tax penalty unless they qualify for an exemption, there is no tax penalty for not having health insurance coverage in 2019.

How Health Insurance Premiums Have Changed in 2019

Average health insurance premiums increased by about 3% in 2019, which is a considerably smaller increase than we saw in 2017 and 2018. Average benchmark premiums decreased a little in 2019 among states that use Healthcare.gov. This likely resulted in smaller premium subsidies.

Subsidies are an important part of ACA that help people pay their health insurance costs. One of these subsidies is in the form of a tax credit that enrollees can claim to help offset the cost of their monthly premiums. A taxpayer’s subsidy depends on their income and their expected contribution. Although 2017 brought a few changes to the ACA, the premium tax credit (subsidy) remains in effect and is available for Nevadans who purchase coverage through the exchange.​

Didn’t Have Health Insurance in 2018?

You Might Pay a Penalty

No matter how healthy you are, health insurance is important. Without it, you may be just one major medical event away from wiping out your bank account and seriously changing your financial outlook. In 2014, when most of the ACA (Affordable Care Act) provisions took effect, virtually every U.S. citizen was required to have health insurance, either by purchasing a plan subsidized by their employer or purchasing an individual health insurance plan.

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Qualifying for a Health Insurance Subsidy

Nevada residents who make between 138 and 400 percent of the federal poverty level (FPL) may qualify for the premium tax credit health insurance subsidy. The FPL changes every year and is based on the size and income of your household. In tax year 2019, the FPL for a family of four is between $34,638 and $100,400.

Even those who meet income guidelines for the premium subsidy may not qualify if it’s determined that they’re eligible for an affordable health insurance plan from their employer or elsewhere, or if they are incarcerated or not a legal U.S. resident.

Nevada Insurance Enrollment Can Help

At Nevada Insurance Enrollment, our health insurance agents can help you identify what kind of financial help you qualify for and how you can get the most value for your money. Give us a call today to talk about your health insurance needs, and our health insurance agents will help you come up with the best solution for you.