The reinsurance program was established at the beginning of 2023 and allowed payers to cut premiums on the ACA exchange, with state and federal funding paying for portions of the most expensive medical claims.
The state has yet to pass a budget, leaving the program in limbo. Insurers had to propose rates for 2024 assuming there would be no reinsurance, the Times-Dispatch reported.
The state’s corporation commission estimated costs for individual coverage will rise by 28.5 percent in 2024.
Data from the KFF-Petersen Health System Tracker showed insurers in Virginia proposed an average 28.77 percent premium increase for individual insurance in 2024, the highest average increase of any state.
