Many Medicare beneficiaries are looking for coverage that helps pay the many out-of-pocket expenses associated with Original Medicare. Medicare Supplement Plans, also known as Medigap insurance, help cover these costs. They are designed to work alongside Medicare Parts A and B and don’t include prescription drug coverage, which is covered by a stand-alone Medicare Part D plan.
A Medicare Supplement policy is a private insurance plan that can help pay some of the out-of-pocket expenses you’re responsible for with Original Medicare like copayments, coinsurance, and deductibles. In Virginia, there are ten standardized Medicare Supplement plans available with different benefits and premiums. Each plan is identified by a letter from A to N. These plan options are regulated by both state and federal laws, and each carrier offers the same coverage across their plan offerings.
Choosing the best plan Virginia Medicare Supplement Plans for your needs depends on your budget and how much you’re comfortable paying in monthly premiums. If you want comprehensive coverage, you’ll likely find the best value with Plans F, G, or N. These plans offer the most comprehensive benefits, however they tend to have the highest monthly premiums.
You’ll also want to take into account any chronic health conditions you have and how often you need healthcare services. If you have a health condition that requires regular monitoring, such as diabetes or coronary artery disease, you may need to enroll in a plan that offers more frequent office visits or home care. If you’re on a tight budget, you can still find a good deal with Plan K or High Deductible Plan G (HDG).
It’s important to remember that a Medicare Supplement plan only pays for services rendered in the United States. That’s why it’s important to choose a plan with coverage that extends internationally as well. If you travel a lot, make sure your Medicare Supplement plan includes overseas emergency medical coverage so that you’re protected when you’re out of town.
In 2021, there were 444,095 Medicare beneficiaries enrolled in Medigap coverage in Virginia, about a third of the state’s Original Medicare beneficiaries. Medicare Advantage plan enrollment has been steadily increasing nationwide, but most Medicare beneficiaries prefer the peace of mind that comes with a supplemental insurance policy.
Unlike Medicare Advantage plans, which are offered by private insurers, Medigap policies are standardized under federal regulations. This means that each plan with the same name and benefits is the same across all carriers. That makes it easier to compare costs for each plan type and decide which one is right for you.
Whether you’re planning on enrolling in a Medicare Supplement plan or are currently enrolled in one, there are many resources available to help you understand your options and plan ahead. During your Medicare Supplement Open Enrollment period, it’s important to know the different benefits and cost-sharing of each plan, as well as any underwriting health questions that could affect your eligibility. You can speak with a licensed Medicare agent to learn more about your plan options and to assist you in finding the best plan for your unique situation.