Virginia Medicare Supplement plans follow the same guidelines the federal laws mandate. However, there are a few rules unique to only a few states, including Virginia, that we’ll cover below.
Virginia Medigap Plans
All Medigap plans are excellent. The most important fact to understand is when Medicare pays, the Medigap plan will pay.
Medicare Supplements give you the freedom to use the doctors you know and trust. If there were an out of state emergency, your coverage will travel with you.
Across the country, including Virginia, the best Medicare Supplement plans include Plan F, Plan G, and Plan N. But, some people find the other options provide more value.
Tip: The best plan for you can be different than your friend’s policy. An agent can help you find a balance between underinsured and overinsured.
With Medigap, the policy, carrier, and zip code all play a factor in cost.
How Much Do Medigap Plans Costs in Virginia?
A 65-year-old woman could get a Plan G for a little over $100 a month. A 65-year-old- man would get the same policy for a little over $110 a month.
Now, if you’re older, the costs could be higher. So, a 70-year-old man could pay a little over $130 for the same plan.
Below we go over a few things that can impact Medigap premium cost and coverage.
Coverage Reduction
In Virginia, you have Guarantee Issue Rights when voluntarily leaving an employer plan due to coverage reduction. While some states also follow this guideline, not all states consider you eligible for these rights due to voluntary loss of coverage.
Medicare Supplement Plans Under 65 in Virginia
There are over 1 million Medicare beneficiaries in Virginia, about 15% are under 65. Plan A is the only option for those under 65, and the cost is high.
Upon turning 65, you’ll get a second Medicare Supplement Open Enrollment window to enroll. At this point, you’ll have more options available, and the cost will be significantly less.
Medicare Advantage Plans in Virginia
What happens when you can’t afford a Medigap policy?
Well, it’s always better to have some sort of supplemental insurance than none.
It’s no secret that many Advantage plans have a $0 premium.
However, the lower the premium, the higher the out-of-pocket costs will be when health issues arise.
About 21% of eligible residents in Virginia enrolled in an Advantage plan.
Most people Medicare under 65 is living with disabilities or chronic illnesses.
A fantastic option is an Advantage Special Needs Plan.
Many Medicare Advantage plans include Part D benefits.
Before you enroll, you’ll want to ensure the policy covers all your medications, doctors, and pharmacies.
Chronic Conditions Special Needs Plans
In Virginia Beach, there are two Chronic Conditions Special Needs Plans.
For those eligible for Medicare and Medicaid, there are different Special Needs Plans.
The best part about a Special Needs Plan is that if you qualify, you can enroll ANYTIME!
Then, when you turn 65, consider Medigap.
These are things to consider before buying. Once you become unhealthy, you may end up being denied a Medigap plan.
Another thing to consider is prescription drug coverage. Medigap plans do not cover prescription medications. However, some Advantage plans do. These Advantage plans are called MAPDs.
Just like the previously mentioned Advantage plans, MAPDs come with higher out of pocket costs when compared to a stand-alone Part D plan.
Stand-alone Part D policies supplement your Medigap plan to give you coverage for prescription medications.
Medicare Part D in Virginia
In Virginia, there are 29 Part D plans.
The average monthly premium is just over $40.
In Virginia Beach, the Humana Walmart Value RX Plan is less than $15 a month.
But, a low premium can mean more out of pocket.
The Humana policy could benefit those with no brand name or a few brand name meds.
The most suitable plan for you is the one that includes all your medications and covers your pharmacy.
For some, the mail-order pharmacy option can save you the most money.
If you delay enrollment, a Part D penalty will apply.
Tip: Don’t judge a policy by its premium.
FAQs
How to Get Help Choosing a Medicare Supplement Plan in Virginia
An agent can provide you with an unbiased rate comparison of all the Medicare options in Virginia. Our agents work with dozens of carriers. They can guide you in the right direction. With us, you can feel confident during the decision-making process.
First, we'll make sure you're educated on all the basics of Medicare. Then, we'll use our resources to compare all carriers and plans available in your area. The comparison will include financial ratings, rate increases, and of course, current rates.
Get help deciding on the best Medicare plan in Virginia from a licensed MedicareFAQ agent today! Give us a call at the number above. Or, you can use our rate tool to get started now.
