On June 9, 2021, Gov. Sisolak signed SB420 into law, introducing a public health insurance option that will be available through the state exchange for individuals, small businesses and employees of small businesses. The law allows insurers to bid for the opportunity to offer the coverage (and requires insurers that provide coverage to the state’s Medicaid population to bid). State officials would select in-network providers for the public option plan and mandate that the plan charge 5% less in monthly premiums than the average plan on the state insurance marketplace and 15% less four years after it is first offered. The public option plan will also have to undergo an actuarial study and the state would need a waiver from the federal government.
Plans offered under this law will not be available until 2026, to give regulators time to come up with additional regulations to fill in details concerning the option and to research the viability and affordability of the plan.
Small businesses in the state should be aware of this development.
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