SCC Will Host Presentations Regarding Individual and Small Group Health Insurance Rates in Virginia for Plan Year 2025

RICHMOND - The State Corporation Commission (SCC) is offering an opportunity for members of the public to hear presentations regarding health insurance rates in Virginia's individual and small group market for plan year 2025. The presentations will be held on Thursday, August 22, at 9:30 a.m. in the Commission's courtroom C, located on the second floor of the Tyler building, 1300 East Main Street in Richmond. The presentations also will be broadcast online through a live webcast available through the SCC's website.

The SCC has historically delegated to its Bureau of Insurance (Bureau) its responsibility for reviewing and approving rates for health benefit plans issued in Virginia in the individual and small group markets. The Bureau, with assistance from the Virginia Department of Health, performs plan management functions required to evaluate health benefit plans and stand-alone dental plans for participation in Virginia's Health Benefit Exchange in accordance with the federal Patient Protection and Affordable Care Act. The Bureau has until August 30, 2024, to complete its review of Qualified Health Plans (QHPs) for the 2025 plan year.

Before providing the results of its QHP certification recommendations to the SCC's Health Benefit Exchange Division, and before finalizing form and rate approvals for health insurance products for sale and use in Virginia both on and off the Exchange, the Bureau receives insurance company rate information from all carriers and coordinates in-person insurance rate presentations by select carriers. Those presentations provide an overview of the range of rate impact or change for identified health insurance products proposed to be offered in the individual and small group markets for use in Virginia as of January 1, 2025. The presentations also review the Virginia health insurance market as a whole and focus on some key factors in rate changes.

To listen to the presentations, visit scc.virginia.gov/pages/ACA-rate-form-filing-information and review "Upcoming Meetings." Information and instructions on how to submit public comments will be provided during the rate presentations.

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Contact: Katha Treanor, 804-371-9141

SCC case number INS-2024-00055 - In Re: In the matter of presentations of premium rates in connection with individual and small group health insurance coverage