Health Insurance

Best Cheap Health Insurance in Nevada 2020

Find Cheap Health Insurance Quotes in Nevada

Currently insured?
{"id":7,"isAgeFieldVisible":true,"isInsuranceTypeFieldVisible":true,"isInsuredStatusFieldVisible":true,"buttonText":"NV Quotes","customEventLabel":"","defaultZip":"","defaultProduct":"health","quoteWizardEndpoint":"https:\/\/","trackingKey":"_best-cheap-health-insurance-nevada","tier":"default","title":"Find Cheap Health Insurance Quotes in Nevada","vendor":"vp","style":null}

Cheap health insurance plans in Nevada are available for purchase on the state health insurance marketplace or can be obtained through the government Medicaid plan if your household income falls below 138% of the federal poverty level. We analyzed all Silver health insurance policies in the state and found that the Ambetter Balanced Care 4 is the cheapest health plan in every Nevada county. Health policies are offered by two insurers in Nevada, Health Plan of Nevada Inc. and SilverSummit Healthplan Inc. (Ambetter), though Health Plan of Nevada isn't available in most counties.

Cheapest Health Insurance Coverage by Metal Tier

To aid you in finding the best health policy, we have compared the health plans offered on the Nevada exchange and identified those with the cheapest policy premiums depending on the level of coverage. The table below shows the cheapest health insurance policy for each metal tier along with its deductible, out-of-pocket maximum and monthly cost for a 40-year-old.

Metal tierCheapest planDeductibleOut-of-pocket maximumMonthly cost for 40-year-old
CatastrophicMyHPN Catastrophic Plan$7,350$7,350$256.78
BronzeMyHPN Bronze 10$6,000$7,350$301.62
Expanded BronzeMyHPN Bronze 8$6,600$7,350$291.02
SilverAmbetter Balanced Care 4$7,050$7,050$364.70
GoldMyHPN Gold 5$3,000$7,350$415.58

Health insurance in Nevada is broken into five different metal tiers: Catastrophic, Bronze, Expanded Bronze, Silver and Gold. As the table above shows, plans in the Gold tier have the highest premiums but lowest deductibles, while Catastrophic and Bronze plans have cheap premiums and higher deductibles. For example, the premium for the Gold policy is 62% more expensive than the premium for the Catastrophic policy. But, the deductible for the Gold plan is $4,350 less than that of the Catastrophic health plan.

A key factor in determining your health insurance cost is your age, as older individuals pay higher rates. In the graph below, we have compiled the average cost of a health insurance policy depending on the metal tier and age of the applicant. As you can see, a 40-year-old will pay about 28% more for coverage in the same metal tier compared to a 21-year-old. This difference between average premium amounts is even larger for a 60-year-old, who would pay about 171% more than a 40-year-old for the same coverage.

Average Monthly Cost of Health Insurance Plans by Metal Tier in Nevada

Finding the Best Health Insurance Coverage in Nevada

When choosing the best health insurance coverage for you in Nevada, consider your level of income and expected medical expenses during the year. Nevada has expanded its Medicaid program under the Affordable Care Act (ACA) to include people with a household income below 138% of the federal poverty level.

If you're not eligible for Medicaid, then you can purchase health insurance on the Nevada state exchange. Availability and pricing of health insurance plans will vary depending on your county of residence, but all counties offer Bronze, Silver and Gold metal policies. These tiers vary by their premium amounts, deductibles and out-of-pocket expenses. Some counties also offer a Catastrophic plan, which you can purchase if you meet certain age or hardship requirements.

Catastrophic and Bronze Plans: Best for Healthy People

Catastrophic health insurance is the cheapest type of policy offered in the Nevada state marketplace. These plans have affordable premiums but a large deductible. Catastrophic plans differ from other metal tiers because only certain people qualify for them. You may be eligible for a Catastrophic policy if you are under the age of 30 or are eligible for an exemption.

Bronze and Expanded Bronze health plans are available to anyone and are very similar to Catastrophic plans in that they have low premiums with higher deductibles when compared to Silver and Gold plans. Bronze policies provide low-cost coverage and are best suited for healthy and younger individuals who do not expect to incur large medical costs throughout the year.

Silver Plans: Modest Premiums and Deductible

Silver-tier health insurance plans are a middle-ground policy with premiums and deductibles that fall between Gold and Bronze policies. For example, the average cost of a Silver plan for a 40-year-old is $560 in Nevada. This is $136 less than the average price for a Gold plan and $78 more than a Bronze policy.

You may be able to use premium tax credits with Gold, Silver and Bronze plans, but Silver policies also offer cost-sharing reductions. If your income falls below 250% of the federal poverty level, then you would be eligible to use cost-sharing reductions, which provide discounts on the cost of deductibles, copayments and coinsurance.

Gold Plans: Best for Large Medical Cost Coverage

Gold plans are best for those who are older or expect to incur a lot of medical expenses. These plans have the highest premium amount but also the lowest deductibles, allowing you to save money if you need to use your health insurance frequently. For example, someone who needs prescription drugs or visits their doctor often would find a Gold metal plan valuable, as a larger portion of their medical costs would be covered by the policy.

Short-Term Health Insurance in Nevada

In Nevada, short-term health insurance can be bought through private health insurance providers outside of the state marketplace. This type of health insurance can be useful in the situation you miss open enrollment or lose employer-sponsored healthcare. However, short-term policies will typically not provide the same benefits as marketplace plans including not covering essential benefits like maternity and mental health services.

Nevada differs from federal regulations for short-term health insurance plans and instead limits coverage periods to less than six months. Additionally, short-term policies cannot be renewed after the initial coverage period.

Find Cheap Health Insurance Quotes in Your Area

Currently insured?
{"id":8,"isAgeFieldVisible":true,"isInsuranceTypeFieldVisible":true,"isInsuredStatusFieldVisible":true,"buttonText":"Find Insurers","customEventLabel":"","defaultZip":"","defaultProduct":"health","quoteWizardEndpoint":"https:\/\/","trackingKey":"_best-cheap-health-insurance-nevada","tier":"default","title":"Find Cheap Health Insurance Quotes in Your Area","vendor":"vp","style":null}

Best Cheap Health Insurance Companies in Nevada

The Nevada exchange has two health insurance companies that offer coverage: Health Plan of Nevada Inc. and SilverSummit Healthplan Inc. However, in most counties, only SilverSummit health plans are available. The only counties that offer policies from both Health Plan of Nevada and SilverSummit are Clark, Nye and Washoe.

Cheapest Silver Plan by County

Your county of residence will play a large part in the plans offered and the cost of those health insurance policies. For example, the Ambetter Balanced Care 4, the cheapest silver plan in all counties of Nevada, costs $643 per month for a 40-year-old in White Pine County, compared to $365 per month for the same person living in Nye County. Below you can see the cost for the cheapest Silver health insurance plans in Nevada by county, with rates for an adult aged 40, a couple and a couple with a child.

CountyCheapest Silver planSingle adult, age 40Couple, age 40Couple, age 40, and child
Carson CityAmbetter Balanced Care 4$641$1,283$1,666
ChurchillAmbetter Balanced Care 4$643$1,285$1,670
ClarkAmbetter Balanced Care 4$365$729$948
DouglasAmbetter Balanced Care 4$641$1,283$1,666
ElkoAmbetter Balanced Care 4$643$1,285$1,670
EsmeraldaAmbetter Balanced Care 4$643$1,285$1,670
EurekaAmbetter Balanced Care 4$643$1,285$1,670
HumboldtAmbetter Balanced Care 4$643$1,285$1,670
LanderAmbetter Balanced Care 4$643$1,285$1,670
LincolnAmbetter Balanced Care 4$643$1,285$1,670
LyonAmbetter Balanced Care 4$641$1,283$1,666
MineralAmbetter Balanced Care 4$643$1,285$1,670
NyeAmbetter Balanced Care 4$365$729$948
PershingAmbetter Balanced Care 4$643$1,285$1,670
StoreyAmbetter Balanced Care 4$641$1,283$1,666
WashoeAmbetter Balanced Care 4$504$1,007$1,309
White PineAmbetter Balanced Care 4$643$1,285$1,670

Average Cost of Health Insurance by Family Size in Nevada

The size of your family will change premium costs along with your age and county of residence. For example, the average policy for a family of three, with an adult couple and a child, would be 30% more expensive in Nevada than a policy that covers just a couple. The cost of adding one 40-year-old to a health plan is $560, whereas adding a child under the age of 15 costs just $335.

The table below shows the average cost of health insurance depending on the number of people in the family who are covered by the policy. As you can see, the more people covered by the policy, the more expensive the premiums will be for that coverage.

Family sizeAverage monthly cost of health plan
Single adult$560
Adult couple$1,121
Family of three (adult couple and a child)$1,456
Family of four (adult couple and two children)$1,792
Family of five (adult couple and three children)$2,127
Adults are assumed to be 40 years old. Sample rates are based on the average cost for a Silver plan in Nevada.
Sterling Price

Sterling Price is a research analyst at ValuePenguin specializing in health and life insurance. He graduated from Syracuse University with a bachelors degree in Finance and Accounting and has previous experience as a licensed life insurance representative.

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.