How To Find the Best Health Insurance in Virginia

Even though Virginia has some of the lowest health insurance prices in the country, it’s still a good idea to compare rates for multiple plans so you can find the lowest possible premium for the coverage you need. Virginia operates its own health exchange website but uses the same open enrollment period as the federal Health Insurance Marketplace.

Keep reading for a more detailed overview of Virginia health insurance including information about average health insurance costs and when it could be mandatory.

On This Page

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  Is Health Insurance Required in Virginia?

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  Virginia Health Insurance Rankings

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  How Much Does Health Insurance Cost in Virginia?

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  What Is the Average Cost of Health Insurance in Virginia by City?

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  Which Health Insurance Companies Are the Most Affordable in Virginia?

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  When Is Open Enrollment for Health Insurance in Virginia?

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  What Types of Health Insurance Are Available in Virginia?

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  How To Get Health Insurance in Virginia

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  FAQs

Is Health Insurance Required in Virginia?

Federal law officially requires all Americans to be insured but there has not been a federal tax penalty for going without health insurance coverage since the 2018 tax year.^[1] In Virginia, there is no state-level requirement for residents to have health insurance unless they have been ordered to purchase a plan by a judge or the state’s Department of Social Services.^[2]

Virginia Health Insurance Rankings

Virginia has the 20th-best health care system in the United States, according to an analysis of every state and Washington, D.C., by the Commonwealth Fund. In particular, Virginia is ranked as the best Southeastern state overall and a top-10 state in the nation when it comes to health equity among people of different races and ethnicities. See the below table for Virginia’s national rank in each of the main dimensions studied by the Commonwealth Fund.^[3]

How Much Does Health Insurance Cost in Virginia?

Virginia is the fourth-cheapest state in the country for health insurance, with an average monthly premium of $371 for a Marketplace benchmark health plan. In comparison, the nationwide average cost of a benchmark health plan falls more than $100 higher at $477 per month. Meanwhile, Virginians pay a monthly average of $284 for the state’s cheapest bronze health plan, $370 for its cheapest silver health plan and $371 for its cheapest gold health plan.^[4]

Cheapest Health Insurance Options in Virginia

Plans in the bronze health insurance tier come with the lowest monthly premiums in exchange for requiring the highest out-of-pocket costs, meaning you’ll have higher deductibles, coinsurance and copays with this type of plan. Because of this, bronze plans have the potential to be the cheapest health plans, although you will end up spending more money overall if you need to access medical services on a regular basis.^[5]

Additionally, you can save money on both premiums and out-of-pocket costs by enrolling in a health maintenance organization (HMO) plan. However, unlike preferred provider organization (PPO) plans, HMOs don’t cover non-emergency care you receive out of network and require you to obtain a referral from your primary care doctor before visiting a specialist.^[6]

What Is the Average Cost of Health Insurance in Virginia by City?

You can take a look at the following table to see median health insurance rates before taking premium tax credits into account for 30-year-olds making $40,000 per year in some of Virginia’s biggest cities.^[7]

Which Health Insurance Companies Are the Most Affordable in Virginia?

If you’re looking for the lowest possible health insurance premiums in Virginia, consider joining a plan from Innovation Health, which offers the cheapest starting rates for silver-tier coverage in the state. The following table goes over all of the insurers in Virginia that sell silver plans to 40-year-olds for less than $500 per month.^[8]

When Is Open Enrollment for Health Insurance in Virginia?

Open enrollment occurs on Virginia’s Insurance Marketplace from November 1 to January 15. You can also enroll in a Marketplace plan during a special enrollment period triggered by a qualifying life event that significantly alters your health care or coverage needs like having a baby or aging out of your parents’ health plan. Keep in mind that you typically cannot enroll in a plan on Virginia’s state-run health exchange if you are eligible for Medicare, Medicaid or an affordable employer-sponsored health plan.^[9]

What Types of Health Insurance Are Available in Virginia?

You should be able to purchase the following types of health care coverage in Virginia:

• Marketplace health insurance
• Private coverage purchased directly from an insurance company such as short-term health insurance
• Employer-sponsored group health insurance
• Consolidated Omnibus Budget Reconciliation Act (COBRA) continuation coverage
• Medicare
• Medicaid
• Children’s Health Insurance Program (CHIP), also known as Family Access to Medical Insurance Security Plan (FAMIS) in Virginia
• Department of Veterans Affairs (VA) health benefits
• Student health plans

How To Get Health Insurance in Virginia

You should compare health insurance quotes from around three to five unique health insurance companies since different insurers can offer you different rates for the same coverage. That said, it can certainly be a hassle to reach out to several carriers one by one so you can give them information like your location and household size in order to request quotes.

That’s why you should use SmartFinancial to streamline the process of insurance shopping. After filling out a brief questionnaire, we can connect you with agents who are prepared to help you find the most affordable health insurance that best fits your circumstances. Click here to begin your questionnaire and start comparing health insurance quotes for free.