SCC Will Host Presentations Regarding Individual and Small Group Health Insurance Premiums in Virginia for Plan Year 2024

RICHMOND – The State Corporation Commission (SCC) is offering an opportunity for members of the public to hear presentations regarding health insurance premiums in Virginia’s individual and small group market for plan year 2024. The presentations will be held on Wednesday, August 9, at 9:30 a.m. via Microsoft Teams.

The SCC has historically delegated to its Bureau of Insurance (Bureau) its responsibility for reviewing and approving premium rates for health benefit plans issued in Virginia in the individual and small group markets. The Bureau, with assistance from the Virginia Department of Health, performs plan management functions required to evaluate health benefit plans and stand-alone dental plans for participation in Virginia’s Health Benefit Exchange (Exchange) in accordance with the federal Patient Protection and Affordable Care Act. The Bureau has until August 17, 2023, to complete its review of Qualified Health Plans (QHP) for the 2024 plan year.

Before providing the results of its QHP eligibility review to the SCC’s Health Benefit Exchange Division (HBE), and before finalizing form and rate approvals for health insurance products for sale and use in Virginia both on and off the Exchange, the Bureau coordinates insurance company premium rate presentations. Those presentations provide an overview of the range of rate impact or change for identified health insurance products proposed to be offered in the individual and small group markets for use in Virginia as of January 1, 2024. The presentations also review the markets as a whole and focus specifically on some key factors in rate changes.

To listen to the presentations, visit scc.virginia.gov/pages/ACA-rate-form-filing-information and review “Upcoming Meetings." Information and instructions on how to submit public comment will be provided during the rate presentations.

###

Contact: Katha Treanor, 804-371-9141