Health insurance is an integral part of maintaining your health and wellness. Given the ever-increasing cost of preventive and medical services, paying for health care can be a daunting task. It’s important to understand the Virginia Insurance Marketplace, as this resource can provide you and your family with the financial means to access the health care you need.
What Is the Virginia Insurance Marketplace?
The Virginia Insurance Marketplace is a government-operated entity that can help you find health coverage compliant with the Affordable Care Act (ACA). Beginning in 2023 and for the 2024 plan year, the state has moved its services from the nationwide HealthCare.gov website to its own domain at Marketplace.Virginia.gov. Purchasing health insurance through the Virginia Insurance Marketplace may qualify you for tax credits and various discounts depending on your income and other unique circumstances.
Who Can Use the Virginia Insurance Marketplace?
The Virginia Insurance Marketplace is available to most of the state’s residents. To qualify, the following must be true, according to the state’s website:
- Reside in Virginia
- Be U.S. citizens, U.S. nationals, or lawfully present immigrants for the entire time you plan to have coverage
- Not be incarcerated (unless pending disposition of charges)
- Be uninsured, generally not eligible for Medicaid or Medicare, and not have an offer of affordable employer-based coverage
When Can I Enroll in Health Coverage Using the Virginia Insurance Marketplace?
The Virginia Insurance Marketplace includes an annual open enrollment period when you and other residents can purchase a policy or adjust existing coverage. This year’s open enrollment period will run from Nov. 1, 2023, through Jan. 15, 2024. If you enroll by Dec. 15, 2023, your insurance coverage will begin Jan. 1, 2024. Meanwhile, if you wait until the final month of open enrollment and apply for coverage sometime between Dec. 16, 2023, and Jan. 15, 2024, your coverage will begin Feb. 1, 2024.
In addition to the annual open enrollment period, you may be allowed to acquire insurance or make changes to your coverage after a qualifying life event, such as the following:
- Involuntary loss of coverage
- Having a child or gaining a dependent
- A permanent residency change
- Involuntary loss of existing coverage
- Becoming a U.S. citizen
We’re Here to Help
The Virginia Insurance Marketplace is a vital resource for you and your family. To maximize the benefits of this valuable resource, you should stay informed about open enrollment periods and qualifying events, and research all available options and programs to ensure you have a health insurance plan that suits your unique needs.
The dedicated agents at InsurePro LLC have over 70 years of experience helping families, individuals and businesses in the Abingdon, Pennington Gap, Clintwood, Honaker and Norton, Virginia, areas understand and address their insurance needs. Contact us today to learn more.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.