RD841 - Annual Report on the Availability of High Deductible Health Plans in Virginia Pursuant to § 38.2-5601 of the Code of Virginia
The Virginia State Corporation Commission (“Commission") is required to report on the availability of High Deductible Health Plans in Virginia that are used with a Health Savings Account, a tax-exempt trust or custodial account to pay for certain medical expenses pursuant to the Virginia Health Savings Account Plan (Chapter 56 of Title 38.2 of the Code of Virginia).
Seventeen companies offer High Deductible Health Plans in Virginia. The number of policies sold in Virginia increased from 19,000 in 2019 to 21,000 during 2020. However, the number of Virginians (“lives") covered by High Deductible Health Plans decreased during 2020.
The Commission’s Bureau of Insurance (“Bureau") has not identified any state legislative or regulatory barriers to the sale of HDHPs that would restrict their attractiveness to Virginians. As such, the Bureau offers no recommendations for legislative changes to the Virginia Health Saving Account Plan at this time.