What are the top 3 Medigap Plans in Virginia

Finding an affordable Medigap plan in Virginia takes a little bit of work since there are so many companies and plans to choose from. When you consider the primary reasons for choosing a Medigap plan, it makes good financial sense to consider plans that will deliver comprehensive coverage and have affordable rates. For these reasons, either Medigap Plan F, G, and N are the best choices and are the most popular Medigap Plans in Virginia.

Comparing Medicare Supplement Insurance Plans in Virginia (VA)

Various Medicare Supplement Plans are available in Virginia, but determining the ideal plan can be subjective. Although “It depends” may not be the precise answer you seek, we encourage you to continue reading for a comprehensive explanation. Alternatively, you can contact us at 844-528-8688 for a tailored consultation to identify the most suitable Medicare Supplement Plan in Virginia for your needs.

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Regardless of your location in Virginia, upon entering Medicare, it is essential to secure supplemental coverage that aligns with your lifestyle and budget. During your open enrollment period, Medicare Supplement plans in VA are easily accessible without any medical underwriting. For more information on joining Medicare, refer to our Medicare Supplement Guide.

First Things First, You Must Enroll in Medicare

To be eligible for Medicare Supplement Plans in Virginia 2023, you must have Medicare Parts A and B.

Enrolling into Medicare

There are two distinct situations concerning your Medicare Enrollment. To determine the necessary steps for enrolling in Medicare, examine the scenarios below and identify the one that best applies to your circumstances.

Finding Medigap Plans in Virginia

Now that you understand signing up for Medicare, it is time to find the best Medigap plans in Virginia for you. Although rates for Medicare Supplement Plans in VA are crucial, it’s also essential to examine the company and its rate increase history. The most affordable monthly premium at present might turn out to be quite expensive in the future, so be cautious.

Medicare Supplement Companies often enter a region with a significantly low “introductory price,” essentially attracting new business. As they establish their client base, they significantly increase rates to offset any losses. This is one reason why we, at Medicare Solutions Team offer more than twenty Medicare Supplement Plans VA providers to choose from.

Medicare Supplement Plans, sometimes called Medigap Plans are set and standardized by CMS (Medicare).  They offer 10 plans but the three most popular are Plan F, Plan G, and Plan N. Please review the coverages offered by each plan below:

Medigap Plans in Virginia 2023

Virginia Medicare Supplement Plan F

The Plan F Medicare Supplement Plan VA, simply put, covers everything.  That seems like a great idea, but there are a few reasons why.

1. It is the most expensive Plan on the Market
2. It has the highest rate increases of all the Medicare Supplement Plans
3. The Medicare Supplement Plan F will no longer be available to new enrollment as of 2020.

**The Medicare Supplement Plan F High deductible plan will not be changed in 2020.

Virginia Medicare Supplement Plan G

The Medicare Supplement Plan Virginia that offer’s the most coverage for the lowest premium is the Medigap Plan G.  The Medicare Supplement Plan G offers the same benefits as Plan F except that you will pay the Part B deductible.  Medicare sets the Part B deductible and can change it, but at this time, it is $226.00 per year.

The VA Medicare Supplement Plan G is normally $300.00 to $400.00 per year less in premium than Plan F and historically has much lower rate increases.

Once the Part B deductible ($226.00 for 2023) is paid, your benefits will be identical to the Medicare Supplement Plan F.  Why would anyone want to pay an insurance company $300.00 to $400.00 a year more just to pay a $226.00 deductible.

Virginia Medicare Supplement Plan N

Medicare Supplement Plan N is one of the lowest-cost Medicare Supplement Plans, but you will take on a little more risk and out-of-pocket costs.  With a Medigap Plan N, you will have a copay of $20.00 for doctor visits and $50.00 for an emergency room visit.

Paying a copay is something that most people are used to, and it does add some cost if and when you go to the doctor, but there is another fact of Plan N that you need to be aware of.

Plan N does not cover Medicare Part B excess charges, now, this could be a big deal or nothing at all.  If a doctor accepts Medicare but is not assigned by Medicare, he can legally charge you 15% over the Medicare-approved amount.  You would then be responsible for that extra cost.

Medicare Supplement policies may contain coverage for excess charges but some do not, Now the excess charges could end up not being a problem at all, in fact, there are some states that do not allow the excess charges, and sadly Virginia is not one of them.  As of the last report, approximately 93% of doctors across the United States accept Medicare Assignment and if you do your due diligence when looking for a doctor or having a procedure done, it should not be a problem.

What about Medicare Part D Plans in Virginia?

Medicare Part D is a voluntary prescription drug coverage program offered by private insurance companies, designed to help Medicare beneficiaries manage the costs of their prescription medications. It is available to individuals enrolled in Medicare Part A and/or Part B, regardless of their income or health status. The program aims to provide financial protection and ensure access to a wide range of medications for those who choose to enroll.

Part D plans vary in terms of costs, drug formularies (the list of covered medications), and pharmacy networks. Beneficiaries must select a plan based on their medication needs, preferred pharmacies, and budget. Each plan has a monthly premium, and most have annual deductible and cost-sharing requirements, such as copayments or coinsurance. It’s important to note that plans may change their formularies each year, so beneficiaries should review their coverage annually during the Open Enrollment Period to ensure it continues to meet their needs.

Medicare Part D also includes the “donut hole,” or coverage gap, which is a temporary limit on drug coverage for certain beneficiaries. Once a beneficiary and their plan have spent a specified amount on covered drugs, they enter the donut hole and must pay a higher percentage of the medication costs out of pocket. However, recent legislation has reduced the financial impact of the donut hole, and beneficiaries now pay a lower percentage for both brand-name and generic medications during this period.

What about Medicare Advantage plans in Virginia 2023?

Like most other states, Medicare Advantage plans are available in Virginia. Like Medigap plans, private insurance companies offer Medicare Advantage (Medicare Part C) and you can find more information about plans that are available by contacting us at your convenience.

What is Advantage 65 Virginia?

Advantage 65 is a Medicare Supplement Insurance plan offered by Virginia Premier, a health insurance provider in Virginia. This plan is designed for Virginia residents who are 65 years of age or older and are enrolled in both Medicare Part A and Part B. The purpose of Advantage 65 is to help fill the gaps in Original Medicare coverage, such as copayments, coinsurance, and deductibles.

Which are the best Medicare Supplement Plans Virginia?

As we mentioned earlier in this article, there are ten standardized Medicare Supplement (Medigap) plans available in the marketplace, All have been approved by CMS, and all private insurance companies must offer the same coverage in any plans they market. If your intention is to purchase the most comprehensive coverage for your healthcare, we recommend Medigap Plans F, G, and N.

Frequently Asked Questions

For complete details on Medicare Supplement Plans VA, you can reach us by email on our contact us page or by calling 844-528-8688.  Remember, there is never a fee for our services.