Health plan costs to rise for some Virginia state workers
Some
Overall, the state
But full-time employee contributions — the sums taken out of paychecks — will rise by less than that. For some plans, there will be no increase at all.
The increase in total premiums is lower than the national average of 7%, the department said in a report to the secretaries of finance and administration and senior staff in the governor's office.
The 6.3% increase is what budget writers expected, according to a
The assembly's budget and amendments Youngkin recommended to it are now on ice. Both sides say they want to start afresh with a new budget proposal that lawmakers will consider at a special session in mid-May.
For the state's basic COVA Care health plan, employee contributions would rise from between 5.5% and 6.2%, depending on whether an employee covers just him- or herself, or one other person or two or more additional people.
Percentage increases are smaller on the higher employee contributions for COVA Care plans that add out-of-network coverage, expanded dental coverage, and vision and hearing coverage.
ER co-pay will rise to
The plan administrator,
Employee contributions do not change for the higher deductible basic COVA HealthAware plan with its attached "health reimbursement arrangement" account to cover out-of-pocket expenses.
HealthAware plans that add expanded dental coverage will have increases of
The key to a
Employees do not have to contribute anything if they opt for the state's high-deductible plan, while their contributions for high-deductible plans with expanded dental coverage would remain unchanged.
The state picks up the bulk of the cost of health plans for state employees who work more than 30 hours a week.
Those who work fewer than 30 hours must pay for the full premium.
These total premiums range from
Affordable Care Act coverage for a family of three in


1Q24 Financial Results Presentation Slides
Findings in Risk Management Reported from Faculty of Humanities and Social Sciences [Relationship between Occupational Pension, Corporate Social Responsibility (CSR), and Organizational Resilience: A Study on Listed Chinese Companies]: Insurance – Risk Management
Advisor News
- Your client wants to cash out an annuity. Here’s what to consider
- How student loan debt impacts 401(k) balances
- The ‘sandwich generation’ faces compounded barriers to retirement savings
- Benefit Costs Squeeze Schools, Driving Cuts, Tax Hikes And Difficult Tradeoffs
- Why client insurance needs could change even if their life doesn’t
More Advisor NewsAnnuity News
- SS&C Black Diamond Expands Annuities & Insurance Marketplace with New Insurance Capabilities and Carriers
- Regulators urged to sharply limit hypothetical data in annuity illustrations
- Your client wants to cash out an annuity. Here’s what to consider
- Oklahoma Insurance Dept. helps Oklahomans recover unclaimed life insurance benefits
- Bitcoin gains ground in retirement market with Equitable annuity option
More Annuity NewsHealth/Employee Benefits News
Life Insurance News