Virginia is one of the seven states that use federally run exchange and conducts its own plan management taking an active role in managing plans sold in the exchange. However, the state is actively working to transit to a fully state-run marketplace and the state may achieve it by 2023 if legislation that is now under consideration gets enacted. In 2020 there has been a 12% decrease since 2018 in the average cost of health insurance in the state of Virginia. In 2019 there were more than 264,000 people receiving premium subsidies in the Virginia health insurance marketplace, and the subsidies averaged around $598 per month. Thus, medical insurance coverage becomes affordable for people who otherwise would not be able to afford a health plan.
Average Cost of Health Insurance in Virginia
The health insurance cost in Virginia depends on whether individuals have health insurance through a group plan or an individual plan. Group plan insurance coverage is offered by employers to their employees and their families. Thus, individuals have health insurance benefits through their job or their spouse’s job. Group coverage is less expensive compared to an individual health plan, as the employer pays the majority of the monthly premium amount, and individuals are required to pay only a certain percentage of the monthly premium amount. Employer health insurance in Virginia costs $6,635 annually and employers on average pay $4,889 per year or $407 a month, and employees are expected to pay $1,746 annually or about $146 a month.
An individual health insurance plan is generally expensive than a group health plan, thus individuals who are self-employed or whose employer doesn’t offer health benefits may have to purchase health insurance for themselves and their families. Individuals can either visit the government-run healthcare marketplace or they can directly contact health insurers. Average costs for an individual health plan in Virginia is about $521 per month for middle-tier coverage.
It was discovered by the Virginia Health Care Foundation that around 10% of the residents of the state are uninsured. It was also stated that the majority of the uninsured Virginians lived in the families having at least one full-time employee. It was discovered that even some employed people were unable to find affordable health insurance in Virginia. With increasing healthcare prices and an unstable health insurance market, it is really disheartening to know that so many people have to live without health insurance. Thus, all individuals should make an effort to obtain health coverage, irrespective of their budget. If individuals are unable to afford ACA-plans, then it doesn’t mean that they have to go without health insurance. They still have some options available.
Affordable Health Insurance Options in Virginia
People who find difficulty in finding affordable health insurance in Virginia might consider the following few options:
Individual Major Medical Plan
Individuals who are aware of shopping at the right place and in the right manner are more likely to find an affordable major medical plan. By comparing different plans and taking advantage of the subsidies for which they qualify, people may be able to get affordable coverage. Generally, individuals with modest income are eligible for premium tax credits for ACA-compliant individual health plans. Due to the tax credit, the monthly premium amounts become affordable for many.
Short-term Health Plans
Short-term health plans are ideal to fill the coverage gaps and so many people in Virginia opt for this temporary coverage. Virginians usually choose a short-term health plan either because of short-term unemployment or they are waiting for the start of their group plan or an ACA-plan. Short-term health plans in Virginia are available with initial plan terms of up to 364 days. Individuals who cannot afford other options on the health insurance market can rely upon a short-term plan to protect them from financial ruin in case of a sudden medical emergency. People also need to keep in mind that it doesn’t meet ACA standards and won’t cover everything that a major medical health plan covers, as it includes only limited coverage.
Medical Insurance Packages
It comprises different types of health plans that allow individuals to pay out-of-pocket costs, especially when they are finding it difficult to obtain affordable health insurance in Virginia. Though these plans don’t meet ACA requirements these plans are extremely affordable, making it easy for people to buy these plans.
Compare affordable health insurance in Virginia
Residents of the state shopping for health insurance can find affordable options by exploring the different plans offered on the health insurance marketplace. Currently, eight health insurance companies are operating in the states, and individuals can look at the plans offered by all these companies to find the cheapest health plan available. The average cost of health insurance in Virginia is $466 a month for a 40-year-old person for 2020 plans. Individuals should compare all the options to find affordable health plans in Virginia. There are several health insurance portals operating that help people to compare plans offered by the different