Illustration: Maura Losch/Axios
By Sabrina Moreno
Thousands of Virginians could see their monthly health insurance premiums shrink — or drop to $0 — under a new $150 million state savings program opening for enrollment Sunday.
Why it matters: State leaders say rising insurance costs have already priced some Virginians out of coverage.
Nearly 100,000 didn’t re-enroll in the state’s Marketplace this year, per the governor’s office, and Richmond-area hospitals are already seeing more uninsured patients in their ERs.
Meanwhile: Virginia’s Marketplace premiums are expected to climb an average of 15.8% next year, before subsidies, according to an analysis of state filings by HealthInsurance.org.
By the numbers: The new program — which lawmakers funded to help offset the loss of enhanced federal Affordable Care Act subsidies — could help up to 200,000 residents afford coverage next year, per state estimates.
Eligible Virginians could save an average of $65 to $90 per person each month, according to the Virginia Health Benefit Exchange.
More than 50,000 could qualify for plans with $0 monthly premiums, per the governor’s office.
Who qualifies: Virginians earning between 138% and 250% of the federal poverty level, per the state.
That’s $22,025 to $39,900 annually for individuals and $45,540 to $82,500 for families of four.
How it works: Residents can check their eligibility and compare plans at Virginia’s Insurance Marketplace.
If eligible, the savings are automatically applied to your monthly premium. No separate application is required.
The catch: The $150 million is available on a first-come, first-served basis, with no guarantee it’ll cover everyone who qualifies.
Virginians earning above the income limits are excluded, even if they’re struggling with rising premiums.
Funding only runs through 2027 for now, leaving future savings uncertain.
And $0 monthly premiums don’t mean free health care. Deductibles and copays might still apply.
What’s next: Open enrollment begins Sunday and runs through Jan. 29.
