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Delving into Virginia Medigap Coverage Details: Plan Inclusions and Exclusions

Virginia Medigap Plan Comparisons

Medicare Supplement insurance plans, also known as Medigap, help reduce out-of-pocket costs for Original Medicare beneficiaries by paying for parts of their coverage that aren’t covered by Parts A and B. Unlike Medicare Advantage or Part D plans, there are 12 standardized Medigap insurance options that provide the same benefits no matter which carrier you select. However, premiums may vary between carriers. The Virginia State Corporation Commission’s Bureau of Insurance offers a free online tool to compare annual premiums for Medicare Supplement plans.

The tool is available for anyone enrolled in Original Medicare A or B who lives in Virginia and has the Medicare Part D prescription drug plan or a stand-alone Medigap policy. The tool allows users to input their personal information and choose the type of plan Virginia Medigap Plan Comparisons that best fits their needs and budget. It then displays all Medicare Supplement options available in the state. This includes a breakdown of plan features, including coverage levels and monthly premiums. Depending on the plan selected, the tool can also display a list of participating doctors and hospitals in the area.

This online tool is just one of many resources offered by the state government to assist Medicare beneficiaries. Those looking for further assistance can contact VICAP (Virginia Insurance Counseling and Assistance Program) or the Social Security Administration. In addition, the state’s Department of Insurance website offers a number of guides and FAQs for Medicare beneficiaries.

While Plan F, Plan G and Plan N are the most popular Medicare Supplement insurance options, not everyone is able or wants to pay the higher premiums for these comprehensive policies. For those with limited finances, there are low-cost options like Plan K or high-deductible Plan N.

It’s important for Virginia Medicare beneficiaries to research all the options available before choosing a Medigap plan. The best time to do this is during your Medicare Open Enrollment Period, which starts when you enroll in Medicare Parts A and B at age 65 or when you’re notified that you qualify for disability under SSDI. It can be difficult to change a Medicare Supplement plan outside of this window, as insurers are required to use medical underwriting when accepting applications for coverage.

Luckily, some states allow Medicare Supplement plans to be guaranteed issue and not subject to underwriting. This is an excellent option for individuals who have a health condition that may make it hard for them to get approved for traditional insurance. However, there are several Medicare Supplement plans in Virginia that still require underwriting.

As part of their ongoing mission to help Virginia residents find the best Medicare Supplement insurance plans, MoneyGeek has analyzed all available options and found that Aetna offers the lowest premiums for Plan G and N. Similarly, for Plans A, B, C, K and L, UnitedHealthcare has the lowest rates in the state. Each insurance provider uses its own rate-rating method, with most using attained-age rating. This means premiums increase as policyholders get older.