PORTSMOUTH, Va. (WAVY) — We don’t need to tell you that you’re paying more for health insurance, but a new report sheds light on just how much more families are shelling out compared to a few years ago.
A new report from Onpoint Health Data, shared by the Virginia Hospital and Healthcare Association, shows that Virginians health insurance premiums went up by double digits between 2019 and 2023.
“So, just a significant increase in both the premium amount, what’s withdrawn from people’s checks to pay for insurance and then their out-of-pocket costs as well,” said VHHA Vice President of Communications Julian Walker.
The report indicates that families are paying 22% more for private health insurance premiums, with the cost for individuals rising by 20% compared to pre-pandemic prices.
“When you actually add in the out-of-pocket costs, things like deductibles and co-pays, when you look at that, when you go all the way back to 2008, to the present, the premiums are up 94% for individuals and 103% for families,” Walker aid.
VHHA reported the contrast is steep between what people are paying for insurance and what insurance companies are paying out, as healthcare spending grew just over 1%.
“What that means is that insurers are asking individuals, families and businesses to bear an increasing share of health care costs,” Walker said.
Lawmakers at the state and federal level are examining policy this year, including pre-authorization reform.
“The overarching focus is, and needs to continue to be, patient access to good quality care, and making that care affordable as well,” Walker said.
VHHA hopes sharing the data will help inform the public and policymakers, as many work for change.
