CMS Approves Virginia Reinsurance Program

CMS Thursday (May 20) approved Virginia’s request to establish a state-level reinsurance program under an Affordable Care Act 1332 waiver starting in 2023. The five-year waiver is expected to lower premiums by 15.6 % and increase enrollment by 2.9% in the first year, according to Virginia’s projections, which CMS notes were verified by independent actuaries. With the addition of Virginia, CMS has now approved reinsurance programs in 17 states. Virginia’s traditional reinsurance program will reimburse 70% of claims from a...