Virginia is rolling out a new $150 million Health Insurance Affordability Fund designed to help eligible residents pay less for health coverage after rising premiums pushed thousands of people out of the insurance market.
The program will be administered by the Virginia Health Benefit Exchange and provide additional financial assistance to qualifying residents who purchase coverage through Virginia’s Insurance Marketplace. State officials estimate that eligible customers could see their monthly premiums reduced by as much as 70%.
The assistance comes after the expiration of enhanced federal premium tax credits contributed to higher costs for Marketplace customers. Virginia officials estimate that roughly 100,000 residents have lost health insurance coverage this year as premiums increased.
An estimated 200,000 Virginians could qualify for savings through the new program. The assistance will apply to qualifying Marketplace plans for 2027, with open enrollment scheduled to begin November 1, 2026.
The new fund is aimed at making health coverage more affordable and potentially bringing residents who dropped their insurance because of rising costs back into the Marketplace.
No comments