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Officials warn expiration of enhanced premium tax credits could raise state share of Virginia reinsurance program
Summary
Bureau of Insurance officials told the commission that the Commonwealth Health Reinsurance Program (CHRP) relies heavily on federal "pass‑through" funding derived from savings in premium tax credits. If enhanced premium tax credits (EPTCs) or federal funding for cost‑sharing reductions are not extended, the state share for reinsurance could rise.
State officials told the Health Insurance Reform Commission that Virginia’s Commonwealth Health Reinsurance Program (CHRP) depends on federal pass‑through funding tied to premium tax credit savings and that changes in federal policy could increase the state’s fiscal share.
Brad Marsh of the Bureau of Insurance described CHRP mechanics: the program reimburses carriers for a portion of very high individual claims within a defined attachment and cap (BOI proposed an attachment starting at $45,000 and a cap at $170,000 for benefit year 2026, with a 65% coinsurance rate for the band). Marsh said the program’s aim is to reduce premiums, with BOI targeting a 15% reduction when…
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