A 30-day public comment period began this week on the state’s application for a federal waiver to create a public option for health insurance.
The public comment period, which began Monday and runs through Dec. 20, is the first formal step in gaining approval from the Centers for Medicare and Medicaid Services (CMS) for the waiver that will allow Nevada to create one. State-managed public health insurance option by 2026.
Legislation enacted in 2021 calls for the creation of a public health care option that would be administered by the State of Nevada through contracts that insurance companies bid on. Health care premium rates for the public option must be at least 15% lower over the next four years than for state health insurance option plans. Depending on ZIP code, the Public Option premium must be 5% less than the reference Bronze, Silver and Gold plan premiums.
However, Governor Joe Lombardo, who opposes the public option, recently announced his intention to use the federal funds. Rebates are also made available to finance and prioritize reinsurance programs for private companies operating in the individual market.
Lombardo is also asking CMS to approve the use of federal funding to create an annual bonus payment program for insurance companies.Which makes progress in improving health outcomes and quality of care, as well as a loan repayment program for providers who commit to reside and practice in the state for at least four years.
Insurance rates on state-based health exchanges have increased an average of 2.8% over the past year, while individual premiums not offered on the exchange have increased by 5.9%. According to the Nevada Department of Insurance.
one 2022 state actuarial report found that the public option would have a “small negative impact on provider revenues” because individuals who would benefit from the public option make up only 3% to 4% of the state’s population and a small portion of providers’ revenues.
An organization affiliated with the insurance and health care industries issued a report The public option debated earlier this month would increase provider shortages in the state and reduce access to care.
Nevada physicians with the Committee to Protect Health Care, which disputes the industry report and supports the public option,”Residents urged to share their health care stories as part of public comment.
“We are pleased to see the public option continue to lead the way as an innovative, unique path toward accessible, affordable health care for Nevada families. As insurance companies try to weaken the public option, doctors continue to support it because we know it will reduce health care premiums by 16 percent over four years, expanding coverage for 92,500 Nevadans. Affordable, and will save Nevadans approximately $500 million,” Dr. Harpreet Tsui, head of a health care committee in Las Vegas and Nevada, said in a statement.
Nevadans can view draft bills, public notices, meetings, economic analysis by state and ways to comment On the website of the State Health and Human Services Department,
State waiver application must be submitted to CMS 1 January 2024,
