Health Plans in
the state of
Nevada offered
by several
different
carriers and in
several
different
configurations.
Some individual
/ family plans have
exclusions that
do not allow for
on the job coverage, so
should you get
into an accident
while working on
the job or
working on a
"for-profit"
basis, you may
not be covered.
Because
individual
health insurance
rates are
regulated here
in Nevada, no
other agency can
offer you lower
rates for the
same plans;
regardless if
you purchase the
plan directly
from the Nevada
Insurance
Carrier or
through a Nevada
Insurance Agent.
Health
Insurance Plans do vary from state to state
and carrier to carrier it may be to your
advantage to use a Nevada Insurance Agent /
Broker to assist you in your carrier and
plan selection. Because Knox
Associates is a Brokerage we represent our
clients; not the insurance carriers.
It is our job to help you select the best
Nevada health insurance plan for your
particular situation. When preparing
to select your plan, be prepared to answer
the following questions.
First
and foremost - what is your Nevada
Health Insurance monthly budget?
What
is your deductible tolerance?
What
hospitals are considered "in-network"
vs. "out-of-network"?
Do
you understand the difference between an
HMO and a PPO based plan?
Do
you understand that Individual Nevada
Health Insurance Carriers treat
pre-existing conditions differently?
Are
you willing to have some pre-existing
exclusions on your policy?
Smoking rates are generally 25% higher
than non-smoking rates
Do
you want maternity benefits? If
so, most plans that cover maternity have
a 12 month wait before you can access
the maternity benefit.
Are
you pregnant or are you an expecting
father? If so, you will not
qualify for a Individual / Family Heath
Plan.
The
newest forms of Nevada Health
Insurance are Health Savings
Account Qualified Plans.
These plans were made permanent
in 2004 and already have
attracted more than 3,000,000
policy holders.
We
have seen these
plans work very well for
individuals and family's who are
over the age of 30 and generally
in good health. By raising
deductibles and saving the
premium difference into a tax
deferred Health Savings Account
it is very likely that a family
can save over $14,000 over a
period of 5 years with out
compromising coverage -
see this example.
HSA's offer significant tax
advantages
You can see significant
premium savings by
purchasing an HSA qualified
health plan
HSA Qualified plans work
very well for the Self
-Employed
For 2007 the maximum family
contribution to an HSA is
$5,650. Your
contribution limit is no
longer tied to the
deductible of your HDHP.
For 2007 the maximum single
contribution to an HSA is
$2,850. Your
contribution limit is no
longer tied to the
deductible of your HDHP.
Once you turn 65 you can
reimbursed your Medicare
Part B premium to yourself
on a tax-free basis
HSA' Roll over from year to
year - there isn't a "use it
or loose it provision" like
there is with Flexible
Spending Accounts (FSA's)
HSA's are never taxed when
the money is used for
qualified medical expenses
Once you turn 65 you can use
your HSA funds to pay for
some insurance premiums
You can use your HSA funds
to pay for an immediate
family members out of pocket
medical expenses on a tax
free basis
In
most instances an employer
can contribute to an
employees HSA
Disclaimer: This website is
not intended to advise on tax or
investment related issues; as with
all investment and tax related items
you should check with your own
financial or tax professional.
Even though the information on this
site has been pulled from reliable
sources you should always check with
a licensed professional specific to
the questions and concerns that you
have based on your own situation.
Specializing in Nevada Health
Insurance for the Self-Employed
and Small Businesses (under 100 employees).
Last updated Saturday,
December 30th, 2006 Copyright
2003-2006 --
SilverStateInsurance.com
is owned and operated by Knox
Associates, LLC - a
licensed insurance
agency based in Las
Vegas Nevada
