Which factors can affect the premiums charged for health insurance in the Virginia Marketplace?

The factors that affect the premiums charged for health insurance in the Virginia Marketplace include age, location, tobacco use, and the size of the household.

Age is a significant factor because premiums typically increase as individuals get older, reflecting the higher health risks and costs associated with older age. Location affects premiums as healthcare costs can vary significantly between different geographic areas; for example, urban areas often have different pricing structures compared to rural ones. Tobacco use is also a critical variable since individuals who use tobacco generally incur higher health-related costs and are thus charged higher premiums. Lastly, the size of the household influences premiums, as larger families may have different risk profiles and coverage needs compared to individuals or smaller families.

Overall, these factors are key considerations in determining how health insurance premiums are established within the marketplace, aligning the cost of coverage with the associated risk of the insured population.