If you recently started receiving coverage through Medicaid (Medical Assistance) or FAMIS, you will no longer be eligible for coverage through Virginia's Insurance Marketplace with financial assistance, including advance premium tax credits or cost sharing reductions. It is recommended that you cancel your plan through Virginia's Insurance Marketplace if you are receiving Medicaid or FAMIS coverage that counts as minimum essential coverage (MEC) to ensure that you will not be charged your monthly premium.
If you're canceling coverage before the start date of your plan through Virginia's Insurance Marketplace, you won't be charged a premium at all. However, if you decide to terminate your coverage through Virginia's Insurance Marketplace after it has started, the coverage will end at the end of the month you submit your termination request and you'll be responsible for your monthly premium during the month you decide to terminate.
Note: Make sure to update your Virginia's Insurance Marketplace application within 30 days whenever your circumstances change, to ensure you’re receiving the right amount of financial assistance so you won’t have to pay it back at tax time.