RD586 - The Virginia Health Benefit Exchange – November 1, 2021
On April 9, 2020, Governor Ralph Northam signed legislation establishing the Virginia Health Benefit Exchange (Exchange) within the State Corporation Commission (Commission). The law took effect on July 1, 2020 and is designed to facilitate the purchase and sale of qualified health plans and qualified dental plans, to support the continuity of coverage and reduce the number of uninsured Virginians.
As of Plan Year 2021,Virginia has now transitioned from its previous status as a Federally Facilitated Exchange to a State-based Exchange on the Federal Platform (SBE-FP). Virginia will ultimately transition to a full State-based Exchange (SBE) by Plan Year 2024. Until Plan Year 2024, Virginia consumers will continue to use HealthCare.gov to shop for and enroll in Affordable Care Act (ACA) health plans and to access available financial assistance. Small Business Health Options Program insurance (SHOP) will also be available for eligible employees at HealthCare.gov/small-businesses/.
Annually, by November 1, the Exchange, in collaboration with the Secretary of Health and Human Resources, must submit a report to the Chairs of the Senate Committees on Commerce and Labor and Finance and Appropriations and the House Committees on Labor and Commerce and Appropriations addressing the following items:
1. Exchange operations and responsibilities;
2. An accounting of the Exchange's finances;
3. The effectiveness of the outreach and implementation activities of the Exchange in reducing the number of individuals without health insurance coverage; and
4. Other relevant information.
See § 38.2-6516 of the Code of Virginia (Code)
In fulfillment of this directive, the Exchange presents this report for 2021.