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While Nevada insurers saw record profits, customers suffered

On Behalf of | Dec 20, 2023 | Insurance Law |

A recent report on Nevada’s health insurance industry reveals a stark contrast between the state of the public’s health care and the state of the insurance business.

The report, by the nonprofit group United States of Care, found that almost two-thirds of Nevada residents had trouble affording health care in 2022, the most recent year for which statistics were available. Some delayed dental or medical visits because they were worried about costs. Others went without insurance. Many others struggled to pay their medical bills.

At the same time, insurance providers saw record profits. In part this was due to a simple fact: Insurance premiums went up more quickly than health care costs. As a result, more money went into insurances company coffers than went out.

In 2022, one of Nevada’s largest insurance providers, UnitedHealth Group, saw its national profits jump 19% over the year before.

The state of health insurance and care in Nevada

Statistics for 2023 may not be much different. While the report mostly covers 2022, it notes that insurance premiums went up 9% for consumers in 2023.

These higher costs haven’t necessarily resulted in better care. Researchers have found that, in terms of performance, Nevada’s health care system ranks No. 41 among the states. It ranks dead last among the states for treatment and prevention.

Going against insurance companies

In some ways, these statistics are not surprising. Insurance companies are in business to make money, and they find ways to make a lot of it.

When consumers have a dispute with an insurance company, they are often at a distinct disadvantage. It’s important for consumers to seek out help from professionals who have experience with insurance disputes.

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