Medicare Parts A and B (Original Medicare) pay for 80% of your medically necessary healthcare costs. However, you are responsible for the remaining 20% in the form of deductibles, copays and coinsurance. This is where Medicare Supplement (Medigap) plans come in. Medigap plans, which are offered by private insurance companies, help pay for the deductibles, copays and coinsurance that Medicare leaves behind. In Virginia, there are 10 Medicare Supplement plans to choose from. Each plan is labeled with a letter and the coverage is standardized nationwide. That means that if you select a plan with the same letter from any carrier, you will receive the same basic benefits.
The three most popular Medicare Supplement plans in Virginia are Plan F, Plan G and Plan N. These plans are popular because they offer the best protection against Original Medicare’s out-of-pocket costs. All of the standard Medigap plans cover Medicare Part A deductibles and hospital costs, Medicare Part B coinsurance or copayments, as well as the first three pints of blood. In addition, these plans can also help with Medicare Part D prescription drug costs, although you will still be responsible for the monthly premium.
While the cost of each Medicare Supplement plan varies, all plans will increase in price over time. Medicare beneficiaries can choose to pay a Medigap Medigap Plan Costs in Virginia premium based on attained age, issue-age or community rating. Most Medicare Supplement insurance companies in Virginia use attained age rating, meaning that your premium will increase as you get older. There are some carriers that use either issue-age or community rating, but these insurers will only sell their policies in states where they are required to do so.
If you are looking to purchase a Medigap plan in Virginia, it is important to research the different available options and compare prices. The easiest way to do this is by reviewing each plan’s coverage and comparing it to your specific health care needs. It is also important to consider your preferred doctors and hospitals when selecting a plan. You will want to make sure that the doctor or hospital is in-network with the Medicare Supplement plan you select.
Once you have selected a plan, it is essential to enroll during your Medicare Supplement Open Enrollment Period. Once this window closes, it can be difficult to change your plan because you may be subject to medical underwriting. However, you can still switch to a different plan under certain circumstances. To learn more about the different Medicare Supplement options in Virginia, contact a licensed independent insurance agent. They can provide you with the best information and assistance when choosing a Medicare Supplement plan. They will work with all carriers and can help you find the best plan for your budget. They can also assist you with locating and comparing Medicare Advantage plans in Virginia. They can even help you sign up for a drug discount card that provides you with savings on both generic and brand-name drugs.