ACA Price Increase In Virginia Less Than Projected
Virginians who buy their health insurance on the individual market will see an average rate increase of about 9 percent in 2019, slightly less than the 13 percent increase that was anticipated earlier this year, according to the
The average monthly premium is anticipated to be
The lower rates are a result of new guidelines and pushback on the insurance providers' assumptions from the
Shea estimated that the reduction from regulators saved about
The small group market, which has 16 insurance companies signed up, saw a negligible decrease in the average rate, from a proposed
Eight insurance carriers will offer plans for individuals on the exchange marketplace, and one carrier will offer individual plans that can be purchased directly.
"These numbers look pretty high, admittedly," Shea said, explaining that rates could be much lower for younger people.
Most people who use the exchange receive at least some level of government subsidy that lowers their out-of-pocket costs.
Cigna insures the largest percentage of the more than 300,000 Virginians on the individual market, covering about 29 percent, followed by Kaiser at 22 percent,
Rising rates and lack of competition in the insurance market have proved a challenge for Virginians, especially this year, when rates went up an average of 69 percent and about 70 percent of the state's cities and counties had only one insurance provider on the individual market.
It was also a contributing factor to the comparatively low rate increases, Shea said.
"This year, fortunately, it is a competitive market," ha said.
Open enrollment for 2019 runs from
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