The Virginia Medigap Insurance Rates are comparable to the rest of the country. In fact, there are some carriers that offer premium discounts for being non-smokers and/or females. These discounts are usually a percentage of the total plan price and can be significant. This is one of the reasons that it’s important to shop all Medicare Supplement Plans available in your area.
Medicare Part A (hospital insurance) and Part B (medical insurance) help cover many healthcare costs, but there are still some out-of-pocket expenses like deductibles, co-payments and coinsurance. Medicare supplements, also known as Medigap policies, are designed to fill in the gaps of Original Medicare. These standardized plans are offered by private insurers and labeled with letters A through N. Each plan must follow federal and state rules, but you can expect differences in cost from the different insurance providers.
Most Medicare beneficiaries enroll in a Medigap plan to help offset these out-of-pocket costs. These costs can add up quickly, especially if you’re hospitalized for a prolonged amount of time or need repeated treatments. In addition, you may have to pay out-of-pocket for prescription drugs. Medicare Advantage plans can be an option for those who want to avoid paying these out-of-pocket costs, but it is important to understand that Medicare Advantage plans can have their own set of rules and restrictions.
The best time to purchase a Medicare Supplement policy is during your open enrollment period, which is the first six months after you get Medicare Part B and are 65 or older. This is when you can enroll with no underwriting health questions. Purchasing during this time can save you money and reduce your chances of being denied coverage due to pre-existing conditions.
Those who do not have access to an employer-sponsored Medicare benefits plan or Medicaid can enroll in Medicare Advantage plans, which are administered by private companies that offer healthcare services and are funded by Medicare taxes. They can also join Medicare Supplement plans, which are offered by private companies and are designed to supplement the coverage provided by Original Medicare.
These plans are subsidized by the federal government and offer a variety of benefits that Original Medicare does not, such as vision, hearing and dental care, as well as fitness programs and wellness checks. Some of these plans even include prescription drug coverage. It’s important to note that these plans don’t provide the same benefits as Original Medicare, and they may be subject to annual change.
If you’re interested in learning more about the different Medicare Advantage and Supplement plans available, our team can help. We will work with you to find a plan that fits your needs and budget. We can also help you compare plan options to find the best value. Please contact us at to learn more or to request a quote. We look forward to hearing from you! To request a quote, simply submit your zip code and select the plan of your choice.