Health Plan Cost and Availability in Virginia

“How much does Obamacare cost in Virginia?” is a common question among many state residents. The specific prices for Obamacare health insurance plans costs vary depending on several different factors. For instance, ACA insurance price estimates vary by household size and income and tax credit eligibility. ACA health insurance costs can also vary depending on whether the policy is a Bronze, Silver, Gold or Platinum metal category. “How much will Obamacare insurance cost me if I enroll in a Bronze or Platinum plan?”, is a question many Virginians may ask. Typically, Obamacare insurance prices for Bronze plans are generally the least expensive of the four metal categories while Platinum policies are the most expensive. Furthermore, costs for Gold policies are generally very high, while Silver policies include moderate prices. To obtain specific cost estimates, click here to download our comprehensive guide. To learn more about Obamacare health insurance plan costs in VA, review the information below.

How much does Obamacare cost in Virginia?

Many potential applicants may ask, “How much will Obamacare insurance cost me in Virginia?” when gathering information about Obamacare eligibility. While Obamacare insurance price estimates generally vary by household, all Marketplace customers must pay a monthly premium to their health insurance company, even if they do not receive medical care during that same month. Additionally, ACA insurance cost estimates include out-of-pocket expenses, up to a certain amount per year (also known as an out-of-pocket maximum). These out-of-pocket ACA health insurance plan costs include copayments, coinsurance and deductibles. Deductibles refer to the total amount patients need to spend before their insurance company will make any payments on their behalf. However, deductibles generally exclude no-cost preventative services. Furthermore, Obamacare health insurance plans costs include copayments and coinsurance as well. Copayments and coinsurance refer to the amount of money patients need to spend after they reach their annual deductible. However, customers can lower these ACA insurance price estimates by applying for a premium tax credit if their household income falls below a certain amount.

Virginia Obamacare health insurance plans costs vary depending on whether the specific policy falls under the Bronze, Silver, Gold or Platinum metal category. While ACA insurance price estimates in VA are lowest for Bronze and Silver policies, prices are higher for Gold or Platinum plans. For instance, Obamacare insurance cost estimates for Bronze policies include low monthly premiums with high deductibles and out-of-pocket expenses. ACA insurance price estimates for Silver plans include moderate monthly premiums and out-of-pocket expenses with slightly lower deductibles than Bronze metal categories. However, ACA insurance cost estimates for Gold plans include high monthly premiums with low deductibles and out-of-pocket expenses, while Platinum policies include very high monthly premiums with very low deductibles and out-of-pocket expenses.

Additionally, the cost of an ACA health insurance plan generally varies by policy type. For instance, ACA insurance price estimates in VA differ amongst Health Maintenance Organizations (HMOs), Preferred Providers (PPOs), Point of Service plans (POS) and Exclusive Provider Organizations (EPOs). In many cases, each of these plan types are available under any of the four ACA metal categories. To learn more about the cost of Obamacare health insurance plans in VA, download our comprehensive guide.

How much will Obamacare insurance cost me in Virginia?

Virginians may wonder, “How much does Obamacare cost me and my family?” when applying for coverage. While ACA insurance price estimates in Virginia often vary by plan and metal type, costs also differ depending on the applicant’s household size and income. For instance, ACA health insurance plan costs are much lower if a customer qualifies for a premium tax credit, regardless of which metal category he or she chooses. To receive lower Obamacare insurance prices, however, the applicant’s household income must fall within the Federal Poverty Level (FPL) for the specific size of his or her family. Furthermore, ACA health insurance plan prices are available at full-price if a Marketplace customer does not qualify for a premium tax credit.

In addition to saving on Obamacare health insurance plan costs with premium tax credits, qualifying low-income customers may be eligible for cost-sharing reductions as well. As such, VA Obamacare health insurance plans costs and out-of-pocket expenses are generally much lower if patients qualify for extra savings such as cost-sharing reductions. To qualify for cost-sharing reductions, however, customers must complete the Obamacare enrollment process for a plan in the Silver metal category.

Since a customer’s ACA insurance price estimates and tax credit eligibility changes whenever there is a modification to his or her household size or income, it is important to report any changes to the Marketplace as necessary. For instance, several factors that may affect Obamacare insurance price estimates in VA include the following:

  • Customers lose a member of their household or their income increases
    • In this case, customers will generally qualify for a lower tax premium
  • Claimants gain a household member or their income decreases

Since VA Obamacare health insurance costs fluctuate whenever household information changes, it is important that claimants update their Marketplace application information as soon as possible. If customers do not update their information when there is a change to their household, they may need to pay money back at the end of the year (known as reconciling). To report changes to the Marketplace, customers must update their applications online, in person or by telephone.

Virginia Department of Social Services