Virginia Health Insurance Marketplace: 2023 Open Enrollment & Beyond

Virginia Health Insurance Marketplace

The Virginia Health Insurance Marketplace (VHIM) is a state-based health insurance exchange created under the Affordable Care Act (ACA). The Marketplace allows individuals, families, and small businesses to compare and purchase health insurance plans from private insurers.

2023 Open Enrollment

The 2023 Open Enrollment period for the VHIM is from November 1, 2022, to January 15, 2023. During this time, individuals and families can enroll in health insurance plans through the Marketplace. Small businesses can also enroll in health insurance plans for their employees during this time.

Key Facts About the VHIM

• Number of Participants: In 2022, over 450,000 Virginians enrolled in health insurance plans through the VHIM.
• Average Monthly Premium: The average monthly premium for a benchmark health insurance plan in Virginia is $530.
• Financial Assistance: Over 70% of Virginians who purchase health insurance through the VHIM qualify for financial assistance, such as premium tax credits and cost-sharing reductions.

Benefits of Using the VHIM

• Access to Health Insurance: The VHIM provides access to health insurance plans for individuals, families, and small businesses who may not be able to get insurance elsewhere.
• Affordable Coverage: The VHIM offers financial assistance to make health insurance more affordable for low- and moderate-income Virginians.
• Quality Health Plans: The VHIM offers a variety of health insurance plans from private insurers that meet the essential health benefits requirements set forth by the ACA.

How to Enroll in the VHIM

Individuals and families can enroll in the VHIM online at https://www.healthcare.gov/. Small businesses can enroll in the VHIM online at https://www.smallbusinesshealthoptions.gov/.

Virginia Health Insurance Marketplace: 2023 Plan Options

The VHIM offers a variety of health insurance plans from private insurers. These plans include:

• Bronze Plans: Bronze plans have the lowest monthly premiums but also the highest deductibles and out-of-pocket costs.
• Silver Plans: Silver plans have higher monthly premiums than bronze plans but lower deductibles and out-of-pocket costs.
• Gold Plans: Gold plans have the highest monthly premiums but the lowest deductibles and out-of-pocket costs.
• Platinum Plans: Platinum plans have the highest monthly premiums but the lowest deductibles and out-of-pocket costs.

Individuals and families can compare health insurance plans and enroll in the plan that best meets their needs and budget.

Additional Resources

• Virginia Health Insurance Marketplace website: https://www.healthcare.gov/
• Small Business Health Options website: https://www.smallbusinesshealthoptions.gov/
• Virginia Department of Health website: https://www.vdh.virginia.gov/

FAQs

• Q: Who is eligible to enroll in the VHIM?
• A: Individuals, families, and small businesses who are Virginia residents and do not have access to affordable health insurance through an employer or other source can enroll in the VHIM.
• Q: What is the Open Enrollment period for the VHIM?
• A: The Open Enrollment period for the VHIM is from November 1, 2022, to January 15, 2023.
• Q: How do I apply for financial assistance through the VHIM?
• A: You can apply for financial assistance when you enroll in a health insurance plan through the VHIM.
• Q: What happens if I miss the Open Enrollment period?
• A: If you miss the Open Enrollment period, you may be able to enroll in a health insurance plan through a Special Enrollment Period if you have a qualifying life event, such as losing your job or getting married.