In a medium saucepan, slowly heat the milk, cream and chocolate chips.
Stir consistently while heating, until the chocolate chips are melted and dissolved into the liquid.
Stir until the mixture is homogenous and heated through. It isn't necessary to boil the hot chocolate unless you need it that hot.
Off of the heat, add the vanilla.
Serve with your favorite toppings!
This hot chocolate is very rich. If you'd like it to be less rich, you can substitute the cream for half and half. You can also use all semi-sweet chocolate chips instead of half milk chocolate.Alternatively, you could make the hot chocolate as written and then add milk after it's done to meet your taste.