As a Medicare beneficiary, you may be concerned about the high cost of healthcare services. Fortunately, the state of Virginia has several programs for seniors to help them save money on prescription drugs. Some of these programs include the Medicare Savings Program, which provides discounts on both brand-name and generic medications to Medicare beneficiaries. Similarly, the state has numerous other programs that are specifically aimed at reducing the costs of medical services for seniors. Despite these helpful programs, some seniors are still struggling with high Medicare premiums and out-of-pocket costs. This is where Medicare Supplement insurance can come in.
Known as Medigap plans, these supplemental Virginia Medigap plan providers policies pay many of the gaps in Original Medicare’s coverage. This includes the Part B deductible and the 20% coinsurance that you’re responsible for when you visit a doctor or hospital. These plans are standardized, meaning that benefits will be the same across providers of a particular plan. As a result, it’s important to look at price and provider reviews before selecting a plan.
Although it can be difficult to compare Medicare Supplement plans, Virginia’s competitive market has led to a number of affordable options. In fact, MoneyGeek has compiled a list of the best Medigap plan providers in the state based on affordability and customer satisfaction. Among these companies, Aetna and Cigna offer the most affordable plans for both 65-year-olds and 75-year-olds.
In addition to offering the best prices for Plan F, these companies are also among the cheapest for Plan G and Plan N, respectively. These are the three most popular Medigap plans in Virginia because they provide the most comprehensive coverage against Original Medicare’s gaps. For those looking to save even more money, you can consider Plan K or high deductible Plan G.
It’s also worth noting that Medicare Advantage plans are becoming increasingly popular in Virginia, and they offer similar savings to Medigap. These plans are a combination of Medicare Parts A and B, but they’re administered by private insurance companies instead of the government. In order to avoid any surprises, it’s important to review your coverage before enrolling in a Medicare Advantage plan.
When it comes to Medicare supplements, it’s important to remember that the premiums will vary based on your age and plan type. The state of Virginia allows Medigap insurers to pick their own rating approach, and most of them use attained-age pricing. As a result, your premium will increase as you get older. The other two common rating methods are community rating and issue-age pricing.
The best time to enroll in a Medigap plan is during your Open Enrollment Period, which is six months starting the month after you’re first eligible for Medicare Part B at age 65. Outside of this period, you’ll have to undergo medical underwriting to change plans.
If you are unsure of the best plan for you, consult with trained and unbiased counselors before making any decisions. These experts can guide you through your options and help you find the best Medicare plan for your situation. They can also help you understand the difference between Medicare Advantage and traditional Medicare plans.