Virginia might have to pay $234 million a year to preserve enhanced insurance premium tax credits; without them, consumers will see costs rise

Virginia will have to pay nearly a quarter of a billion dollars annually to maintain health insurance premium tax credits for plans purchased through the state’s marketplace if Congress does not act by the end of the year.

If Congress fails to act and Virginia is unable to shoulder the cost, 203,057 people who currently benefit from enhanced premium tax credits will see a dramatic increase in how much they pay for health insurance in the coming year, according to data from the Virginia State Corporation Commission’s Bureau of Insurance and Virginia’s Insurance Marketplace, provided to Cardinal News by Sen. Scott Surovell, D-Fairfax County.