RD7 - Report of the Bureau of Insurance on High-Deductible Health Plans - 2016
The Virginia State Corporation Commission (Commission) submits this report in accordance with the Virginia Health Savings Account Plan, §§ 38.2-5601 through 38.2- 5604 of the Code of Virginia. Health Savings Accounts (HSAs) were created by federal legislation and are designed for use with high-deductible health plans (HDHPs). By law, the Commission is required to provide information on the availability of HDHPs in Virginia and recommendations for legislation that would increase the attractiveness of HSAs or eliminate barriers to their use.
Based upon information provided to the Commission's Bureau of Insurance (Bureau) during 2016, at least 22 health insurance companies offer HDHPs in Virginia that are marketed for use with HSAs. These companies also report that, during calendar year 2015, 42,000 HDHPs were sold, covering 121,000 lives. As of year-end 2015, there were 136,000 HDHPs in force covering 331,000 lives on a cumulative basis (including policies sold in 2015 and other policies remaining in force from prior years).
In summary, there is considerable activity in the HSA market in Virginia at this time. The Commission has identified no state legislative or regulatory barriers to the sale of HDHPs in Virginia and has no recommendations for legislative changes at this time.