Virginia Health Insurance Exchange: 50% of Virginians Eligible for Help

Virginia's health insurance exchange, known as the Virginia Health Benefit Exchange (VHBE), is a state-based marketplace where individuals and small businesses can shop for and enroll in health insurance plans. The VHBE was created as part of the Affordable Care Act (ACA), which requires states to establish health insurance exchanges.

The VHBE offers a variety of health insurance plans from different insurers. Plans are available for individuals, families, and small businesses. Individuals and families can qualify for financial assistance to help pay for their health insurance premiums.

Eligibility

To be eligible to purchase health insurance through the VHBE, you must be a Virginia resident and not eligible for health insurance through an employer or government program. You must also meet certain income requirements.

For 2023, the income eligibility limits for financial assistance are as follows:

Enrollment

Open enrollment for the VHBE runs from November 1 to January 15. You can enroll in a health insurance plan through the VHBE online, by phone, or through a broker.

If you need help enrolling in a health insurance plan, you can contact the VHBE's customer service center at 1-855-552-9258.

Premiums and deductibles

The premiums and deductibles for health insurance plans offered through the VHBE vary depending on the plan you choose. You can compare plans and prices on the VHBE website.

Benefits

Health insurance plans offered through the VHBE must cover a set of essential health benefits, including:

• Doctor visits
• Hospital stays
• Prescription drugs
• Mental health care
• Maternity care
• Preventive care

Financial assistance

Individuals and families who qualify for financial assistance can receive subsidies to help pay for their health insurance premiums. The amount of the subsidy depends on your income and household size.

In 2023, the average subsidy for a family of four is $600 per month.

Why health insurance matters

Health insurance is important because it can help you pay for medical expenses if you get sick or injured. Without health insurance, you could be responsible for paying for all of your medical costs out-of-pocket.

Having health insurance can also give you peace of mind. Knowing that you are covered for medical expenses can help you relax and enjoy life.

Common mistakes to avoid when enrolling in a health insurance plan

There are a few common mistakes that people make when enrolling in a health insurance plan. Here are a few things to keep in mind:

• Don't wait until the last minute to enroll. Open enrollment for the VHBE runs from November 1 to January 15. If you wait until the last minute to enroll, you may not have time to find the right plan for you.
• Don't be afraid to ask for help. If you need help enrolling in a health insurance plan, you can contact the VHBE's customer service center at 1-855-552-9258.
• Don't overestimate your health needs. When choosing a health insurance plan, it's important to be realistic about your health needs. If you don't think you'll use a lot of medical services, you may be able to get away with a plan with a lower premium.
• Don't underestimate your health needs. If you have a chronic condition or are at risk for developing a serious illness, you'll need to make sure you choose a health insurance plan that will cover your medical expenses.

Benefits of health insurance

Health insurance can provide you with a number of benefits, including:

• Peace of mind. Knowing that you are covered for medical expenses can give you peace of mind.
• Financial protection. Health insurance can help you pay for medical expenses if you get sick or injured. Without health insurance, you could be responsible for paying for all of your medical costs out-of-pocket.
• Access to care. Health insurance can give you access to a wide range of medical services, including doctor visits, hospital stays, and prescription drugs.

How to find the right health insurance plan for you

There are a few things to consider when choosing a health insurance plan:

• Your health needs. Consider your current health status and your risk of developing future health problems.
• Your budget. Health insurance plans can vary in price, so it's important to find a plan that fits your budget.
• Your preferences. Some health insurance plans offer a wider range of benefits than others. Consider what benefits are most important to you.

Once you've considered these factors, you can start shopping for a health insurance plan. You can compare plans and prices on the VHBE website. You can also contact a broker to help you find the right plan for you.

Table 1: Eligibility for financial assistance through the VHBE

Table 2: Premium and deductible for health insurance plans offered through the VHBE

Table 3: Benefits covered by health insurance plans offered through the VHBE

• Doctor visits
• Hospital stays
• Prescription drugs
• Mental health care
• Maternity care
• Preventive care

Table 4: Common mistakes to avoid when enrolling in a health insurance plan

• Waiting until the last minute to enroll
• Not asking for help
• Overestimating your health needs
• Underestimating your health needs