Premiums for marketplace health plans dropped more in Virginia than any other state in 2022.
Premiums for marketplace health plans dropped more in Virginia than any other state last year.The state, aided by federal grants, started covering a portion of insurers’ most expensive claims in a bid to lower prices.
The 2021 policy change went into effect for the first time this enrollment period, which began Nov. 1 and ends on Jan. 15.Virginia went from having the 20th most expensive average premiums in the country to having the fifth lowest, according to theThe average monthly premium for a 40-year-old applicant on a silver plan dropped from $450 to $371, per the foundation.
Before the plan went into effect, insurance companies had been planning to increase rates by an average of 2%, according to the State Corporation Commission, which regulates the insurance industry.
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