Premium Security Plan; created, report. (HB583)

Introduced By

Del. Rob Bloxom (R-Accomack)

Description

Premium Security Plan. Creates the Premium Security Plan (the Plan), a state-based reinsurance program to stabilize premiums for individual health benefit plans sold on the exchange. The measure provides that moneys provided from general fund appropriations and federal funding provided by a state innovation waiver under § 1332 of the Affordable Care Act would be used to partially reimburse insurers for high-cost claims by initially covering 80 percent of an enrolled individual's annual claims costs between $50,000 and $250,000. The Plan will be overseen by the Virginia Health Reinsurance Association, created by this measure. An enactment clause provides that the measure, other than the requirement that the Commissioner of Insurance apply for the state innovation waiver, will become effective 30 days after notice of approval of the waiver request. Amends § 2.2-3705.5, § 38.2-4214, § 38.2-4319, of the Code of Virginia. Read the Bill »

Outcome

History