With the November 2016 (version 1.8) release of VSCode Snippet Variables are now supported, specifically TM_SELECTED_TEXT.
This makes me happy as I have used these h
With the word highlighted, press F1 and run the command "Insert Snippet", then select your snippet on the list.
Also you can edit your keybindings by going to File>Preferences>Keyboard Shortcuts and add some shortcut to the "editor.action.showSnippets" command, like this:
{
"key": "ctrl+alt+s",
"command": "editor.action.showSnippets",
"when": "editorTextFocus"
}