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2007 SESSION

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HB 2121 Health Insurance Exchange Act; created.

Introduced by: Robert G. Marshall | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia Health Insurance Exchange.  Creates the Virginia Health Insurance Exchange as a nonprofit legal entity and charges it with providing a single, centralized system to facilitate the buying and selling of health insurance. Employers may designate the exchange as their group health insurance plan for purposes of federal regulation and tax law and allow employees to purchase health insurance coverage through the Exchange. The Exchange would offer an annual open season during which participants could select or switch coverage. The Commonwealth is directed to enter into an agreement with the Exchange to be the sponsor of a participating employer plan on behalf of current and retired state employees. After the first day of the plan year following the first regular open season conducted by the Exchange, no carrier may issue or renew an individual or small employer group health benefit plan, other than through the Exchange. Effective January 1, 2009, individuals are required to shall offer proof of their ability to pay for medical care for themselves and their dependents by either having insurance overage or posting a $10,000 bond or letter of credit.


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