Best Cheap Health Insurance in Virginia 2020

Consumers seeking health insurance in the state of Virginia can find affordable options by looking at the plans offered on the health insurance marketplace. Overall, the companies that offered the cheapest health insurance premiums for a given tier are Healthkeepers and Optima. Consumers interested in the cheapest premium payments should look toward these providers in their search for health insurance.

In the majority of Virginia counties, the Anthem HealthKeepers Silver X 6250 had the most affordable premiums of all Silver plans. Anthem HealthKeepers also covers the largest area, at 129 counties, while Optima serves 30 counties. All the other health plan providers cover less than half the available counties in the state.

Cheapest health insurance by metal tier

We compared Virginia health plans by metal tier to help you find the best health insurance rates for your chosen level of coverage. No insurer offers coverage in every county, so the plans listed below may not be available where you live. But we recommend using these as a starting point to compare health care costs across tiers.

Within a given tier of coverage, your actual health insurance costs will depend on your age and income. As you can see below, a 60-year-old in Virginia would pay 112% more for the same level of medical coverage compared to a 40-year-old. But a premium for a 21-year-old would be 22% cheaper compared to a 40-year-old.

Finding your best health insurance coverage in Virginia

The overall best cheap health insurance plan for you in Virginia will depend on your income and health status. Individuals who expect to have a lot of medical costs may pay less overall if they choose a health plan with higher premiums — such as a Gold policy — with lower out-of-pocket costs. This is especially true if you select a Silver plan and you qualify for cost-sharing reductions, which further reduce your copays, coinsurance and deductibles.

Start by browsing Silver plans

For all but the healthiest consumers, we suggest you begin your search by looking at the Silver plans. These plans are generally a little more expensive in terms of monthly premiums, but they come with substantially lower cost sharing than Bronze or Catastrophic health plans. Furthermore, they are the only plans eligible for additional subsidies for cost-sharing reductions. If your income is less than 250% of the federal poverty level, your copays, coinsurance and deductibles will be more affordable..

Consumers with recurring medical bills will see the benefits of lower out-of-pocket expenses immediately. The cheaper out-of-pocket maximums and deductibles will limit the risk of large payments, should you need urgent medical care. Silver plans are generally the best health insurance plans, as they strike a good balance between what you pay for premiums versus out-of-pocket costs.

Cheap Bronze plans are best for the healthy

While Bronze plans have lower premiums, this is only part of the cost of health care. Bronze plans will typically have much higher deductibles and out-of-pocket costs, so if you need treatment, your total costs will increase. The Bronze and Catastrophic plans will generally be a cheaper overall option for consumers who are healthier and have less need for routine medical care. In such cases, the lower premiums combined with the lower likelihood of out-of-pocket expenses make these health insurance plans best for young, healthy applicants.

Short-term health insurance in Virginia

Virginia residents can purchase short-term health coverage through insurers outside the health exchange. However, state regulations regarding short-term policies are stricter when compared to federal laws. Initial coverage is limited to six months, and policies can't be renewed after the term ends.

A short-term policy can be a good option if you do not have employer-sponsored coverage, do not qualify for Medicaid or missed open enrollment. However, a short-term plan will not cover some of the essential health benefits such as maternity care, mental health services or prescription drugs. Therefore, you should evaluate your health care needs before purchasing one of these policies.

Best cheap health insurance companies in Virginia

Currently, nine health insurance companies offer Affordable Care Act-compliant plans in Virginia, which is two more than last year. For shoppers with incomes under 400% of the federal poverty level, plans purchased through the exchanges will be eligible for premium assistance through tax subsidies. The companies offering plans in Virginia this year are:

Cheapest health insurance plan by county

To help with your search, the following table outlines which insurer offers the cheapest Silver plan in each county in Virginia. The prices listed here are before any subsidies are applied. Anyone with an income low enough to qualify for a subsidy will see prices that fall under these amounts.

Average cost of health insurance by family size in Virginia

The size of your family, as well as the age of each person insured by the policy, will directly impact the cost of a health insurance plan. Children ages 14 and under typically have a flat cost of coverage, but those 15 and older will face increasing premiums based on their age.

For instance, if you get married and add your 40-year-old spouse to your Silver health insurance plan, your premiums would increase by an average of $547 per month in Virginia. But if you add your 12-year-old child to a policy, the average increase in monthly premiums would only be $328. So a family of five would pay $655 more per month for a Silver health plan, on average, than a family of three, assuming two adults were covered.

Health insurance rate changes in Virginia

In Virginia, the average cost of a 2020 health plan is 12% cheaper than plans from two years ago. Premiums are, on average, $65 less per month for a 40-year-old.

While the cost of Gold, Bronze and Catastrophic health insurance policies decreased by more than 10% on average, Platinum plans increased in price by 23%. The average Platinum plan in Virginia is $131 more expensive than in 2018, whereas Gold plans are $174 cheaper.

Methodology

The health insurance rates and plan information used in this analysis were sourced from the Centers for Medicare & Medicaid Services (CMS) website. In our analysis, ValuePenguin determined the average rates by metal tier, family size and region by referencing cost data from CMS's Public Use Files (PUF).