Skimping on health insurance might save you a few bucks now, but it can cost you in the long run. You deserve access to great healthcare, and good health insurance is the way to get there.
This is why we’re about to take you through each and every important detail about health insurance in The Old Dominion. Keep reading to learn how to find cheap health insurance in Virginia!
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Table of ContentsWhile healthcare is not free, it can be made more affordable by purchasing a health insurance policy. These kinds of insurance plans help with a wide range of medical costs, keeping your bank account as minimally impacted as possible.
The absolute first thing that you must do before purchasing health insurance is to evaluate your needs. Since there are so many different kinds of policies available for purchase, you need to have a good idea of how you want your health coverage to work.
Ask yourself the following questions to get started:
If you encounter trouble answering any of these questions, don’t sweat it! Insurance agents are more than happy to help you understand your personal insurance needs.
Once you have an idea of what kind of policy you want, you can go about selecting a policy. There are four places that you can find health insurance in Virginia:
Next, we’ll go into detail on each of these types of health insurance plans.
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If you purchase a health insurance policy on the Virginia health insurance exchange, you might qualify for certain tax benefits.
Those who make less than 400% of the federal poverty level qualify for tax credits on marketplace plans, which greatly helps to reduce costs.
Also, those who purchase a silver plan and make less than 250% of the federal poverty level can qualify for additional reductions. This makes silver plans often the most affordable option, with great coverage.
Sometimes it’s necessary to purchase a health insurance plan from a private insurer instead of on the marketplace. Perhaps you are not satisfied with the health insurance plans available on the exchange, or perhaps you missed the ACA enrollment period and are in need of a short-term health insurance plan.
Be sure to do your research before committing to a policy. Private plans aren’t bound by the same ACA requirements as plans on the marketplace, so you might get less coverage for more in premiums.
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Virginia has more restrictions and regulations surrounding short-term health insurance compared to the rest of the country.
In 2021, Virginia mandated that short-term health insurance plans:
It’s also crucial to note that short-term health insurance in Virginia does not need to include the same essential health benefits that other plans do. This means that your short-term plan likely won’t include coverages for:
Even though there are many restrictions on short-term health insurance plans, there are also many reasons why you may need one.
Sometimes special circumstances occur outside of the marketplace open enrollment period and you need coverage to hold you over until the next period. Maybe you added a dependent , or lost your job. Whatever the reason, a short-term health insurance policy from a private insurance provider is an option but shouldn’t be considered a long-term solution.
There are two government-sponsored healthcare plans that Virginians might be eligible for: Medicare and Medicaid.
Medicare is for people who are 65 years of age or older and for those with specific disabilities such as Lou Gehrig’s Disease or End Stage Renal Disease.
There are different parts to Medicare coverage and not all of them are essential. Here’s a breakdown:
Everyone automatically qualifies for Medicare at age 65 and there are penalties for not enrolling on time, unless you have valid health insurance from another source, like your job.
Medicaid is where you can turn to for low income health insurance in Virginia. Those who make up to 138% of the federal poverty level can receive Medicaid free of charge.
Medicaid benefits typically include:
Medicaid helps provide healthcare coverage to those who wouldn’t otherwise be able to afford it.
Last but not least are the employer-sponsored plans. Insurance companies often make deals where they give reduced rates to employers. They do this because an employer can sign up many employees with their company.
If your employer has a sponsored health insurance plan, then it’s quite simple to enroll. Just speak with your employer to get started. Oftentimes, your employer will subsidize part or all of your premiums, making it an affordable option.
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We’ve nailed down the nitty-gritty details of where to find different kinds of insurance policies. Now we can talk about the cost.
There’s no way to accurately measure exactly how much you’ll pay for health insurance coverage in Virginia. There are just so many different health insurance policies to choose from and so many factors that impact the price you’ll pay.
The cost of health insurance is dependent on more than just the type of policy, it’s also affected by:
While we cannot tell you exactly what you can expect to pay for health insurance, we can share the average price of a silver-tier marketplace policy for a 40-year-old, which lands at $382 per month.
This is great news by the way! Virginia’s average is well below the national average of $560 a month for the same tier. Therefore, finding low-cost health insurance in Virginia will be a breeze.
Everyone deserves affordable healthcare, regardless of your income or where you live. If Virginia is your home state, then you’re in luck: you’re saving on health insurance just by virtue of your zip code, compared to the rest of the U.S.
At the end of the day, finding the best health insurance plans in Virginia is a matter of:
Start by getting access to free quotes here so that you’re one step closer to getting the health insurance you need to feel your best—without breaking the bank.
Claire Smith Claire is a creative entrepreneur with a variety of marketing and content creation skills, including blog and web copy writing, research, and strategy. She has a Masters in Cultural Studies from Queen's University and is known for thinking laterally about marketing, based on her deep knowledge of people and behavior.