Health Insurance Plans in Virginia

If you want health insurance in Virginia, you have many options. Seven health insurance companies in Virginia offer policies on the state exchange. Cigna and Kaiser Foundation offer the most affordable coverage overall, but the Anthem HealthKeepers Silver X 6100 is the cheapest Silver-tier policy in almost half the state. Get the details on the most affordable plans for each metal tier, and learn which tier is right for your health insurance needs.

Cheap Health Insurance Plans in Virginia by Metal Tier

The quest for cheap health insurance in Virginia should begin by looking at the most affordable policy in each metal tier. While these policies are not available in every county of the state, they will still help you determine how much you can expect to pay for health insurance. These quotes are based on an average 40-year-old Virginia resident.

KP VA Catastrophic 7500/0/Dental is the most affordable of the Catastrophic health insurance plans in Virginia. The monthly premium is $295, and the deductible and the out-of-pocket maximum are $7,350.

If you want the cheapest Bronze plan in Virginia, opt for Cigna Connect 6400. This plan has a monthly premium of $327, a deductible of $6,400, and an out-of-pocket maximum of $7,350.

Virginia also offers plans in the Expanded Bronze tier, with the KP VA Bronze 5500/50/Dental the most affordable. The monthly premium is $387, the deductible is $5,500, and the out-of-pocket maximum is $7,350.

Silver plans are the most popular health insurance plans in Virginia, and the Cigna Connect 6500 is the most affordable. It has a monthly premium of $439, a deductible of $6,500, and an out-of-pocket maximum of $7,350.

If you want to lower your out-of-pocket expenses, you can get a Gold plan. KP VA Gold 1500/20/Dental has a monthly premium of $483, making it the most affordable Gold plan in the state. The deductible is only $1,500, and the out-of-pocket maximum is $6,850.

The out-of-pocket costs are even lower for Platinum plans. KP VA Platinum 0/5/Dental is the cheapest one with a monthly premium of $579. This plan does not have a deductible, and the out-of-pocket maximum is $4,000.

The amount you pay for cheap health insurance in Virginia depends on your age. If you’re 60, your premiums will be around 112 percent higher than those for a 40-year-old. If you are only 21 years old, your premiums will be approximately 22 percent less than those for a 40-year-old.

Choosing Health Insurance Plans in Virginia

The premiums for health insurance plans in Virginia are based on age and metal tier. Some people think they need to choose a plan at the bottom of the tier system to save on health insurance, but you need to look beyond the premiums. You also need to consider your health care needs and the out-of-pocket expenses you’ll have to pay.

Gold and Platinum Plans – Ideal for High Medical Costs

Gold and Platinum plans are ideal for people who anticipate high medical costs throughout the year. These plans have low out-of-pocket costs, and you can even pick up a plan without a deductible. The premiums are much higher than they are with plans in the other tiers, but the low out-of-pocket costs make Gold and Platinum level policies a smart choice for those who require lots of medical care and prescriptions throughout the year.

Silver Plans – Ideal for Average Medical Costs and Low Incomes

If you don’t have lots of medical costs, a Silver plan might be a better choice. These plans are known for the balance they offer. The premiums are lower than Gold and Platinum plans but higher than Bronze and Catastrophic plans. The out-of-pocket costs also sit in between the lower-level and higher-level plans. This allows people to get the right amount of coverage at an affordable price.

Silver-tier plans are even more attractive for households that earn less than 250 percent of the federal poverty level. If you fit into that category, you are eligible for a cost-sharing reduction subsidy that will lower your out-of-pocket expenses even more. The subsidy will reduce your deductible, copay, and coinsurance costs.

Catastrophic and Bronze Plans – Ideal for Healthy, Young People

If you are young and healthy, you likely aren’t as concerned about out-of-pocket costs. Instead, you want to find a plan with a low premium. Catastrophic and Bronze plans are marketed to the young and healthy because the premiums are the lowest of all the metal tiers. However, if you have a health emergency, you can expect high out-of-pocket expenses. Before you get one of these health insurance plans in Virginia, check your savings account. It needs to have enough money to cover the out-of-pocket expenses you will incur if you have an emergency.

Short-term Health Insurance in Virginia

The federal government limits short-term health insurance policies to an initial term of one year. After that, people can renew the policy for up to 36 months. Virginia also regulates these policies and puts additional limits on them. Short-term health insurance in Virginia is only available for a single six-month term. You cannot renew your policy if you live in this state.

Short-term health insurance in Virginia is not meant to replace permanent health insurance. Instead, it is meant to be a short-term fix if you have lost your insurance and are unable to get a new permanent policy right now. These policies go through underwriting, and if you have a pre-existing condition, the company can deny you coverage. If you make it through underwriting and get a policy, it will not cover many of the essentials, such as prescription drugs.

Get Help Comparing Health Insurance Plans in Virginia

Choosing the right health insurance policy can be a challenge. You have to compare different health insurance plans in Virginia and find the one that meets your needs while staying within your budget. This process can be made much easier with the assistance of a licensed insurance agent. Call 1-888-497-1683 to speak to an insurance professional today.