Page 69

STATE CHILD HEALTH PLAN UNDER TITLE XXI OF THE SOCIAL SECURITY ACT

STATE: Virginia Page 9-69

Effective Date: 07/01/05

69 Approval Date: _____________/06 Insurance Security Plan Trust Fund. The 1997 General Assembly established the Virginia Children’s Medical Security Insurance Plan Trust Fund (the fund was renamed the Family Access to Medical Insurance Security Plan Trust Fund in legislation enacted in 2000) in anticipation that a children’s health insurance program would be enacted by the 1998 General Assembly. The Assembly directed that the Fund be used to pay in part the Commonwealth’s share of expenditures under the new children’s health insurance program. Income to the Fund is derived from increased health insurance premium tax revenue. In 1997, the Commonwealth repealed a partial tax exemption enjoyed by the Blue Cross and Blue Shield Companies which no longer provide insurance of last resort as a result of HIPAA reforms. Payments into the trust fund are expected to be between $9 and $10 million a year. The remainder of the Commonwealth’s share is paid from State General Funds.

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Page 69

Official source

STATE CHILD HEALTH PLAN UNDER TITLE XXI OF THE SOCIAL SECURITY ACT

STATE: Virginia Page 9-69

Effective Date: 07/01/05

69 Approval Date: _____________/06 Insurance Security Plan Trust Fund. The 1997 General Assembly established the Virginia Children’s Medical Security Insurance Plan Trust Fund (the fund was renamed the Family Access to Medical Insurance Security Plan Trust Fund in legislation enacted in 2000) in anticipation that a children’s health insurance program would be enacted by the 1998 General Assembly. The Assembly directed that the Fund be used to pay in part the Commonwealth’s share of expenditures under the new children’s health insurance program. Income to the Fund is derived from increased health insurance premium tax revenue. In 1997, the Commonwealth repealed a partial tax exemption enjoyed by the Blue Cross and Blue Shield Companies which no longer provide insurance of last resort as a result of HIPAA reforms. Payments into the trust fund are expected to be between $9 and $10 million a year. The remainder of the Commonwealth’s share is paid from State General Funds.