Feb 7, 2024 - News

Virginia's health insurance costs keep going up

Illustration of a price tag in the shape of a red cross

Illustration: Sarah Grillo/Axios

Health insurance costs in Virginia are skyrocketing.

Why it matters: Higher premiums and out-of-pocket deductibles are becoming a bigger chunk of our paychecks, which aren't growing at the same rate to make up for it.

Driving the news: From 2008 to 2022, private insurance premiums and deductibles for both individuals and families went up 89.1%, according to a new report from research firm Altarum on 2022 health spending in Virginia.

  • From 2015 to 2022, they went up 31.2% and 26.2%, respectively.
  • The analysis is based on data from the Centers for Medicare and Medicaid Services and Virginia's claims database.

Worth noting: As individuals and families spend more on insurance premiums, private insurers are spending less on services.

  • In 2022, private insurers paid 32.7% of the state's personal health care spending. That's down from 36.2% in 2015, per the report.
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