The number of Medicare beneficiaries in Virginia is steadily increasing. As a result, the number of people enrolling in Medicare Supplement insurance is also on the rise. This coverage is an important part of the overall plan to stay healthy and avoid expensive medical bills in later life.
Regardless of age, all Medicare Virginia Medigap Enrollment Age beneficiaries in the state should familiarize themselves with their Medigap options to ensure they choose the best plan for their unique situation. There are many resources available to help them make this important decision, including Medicare counselors and online comparison tools. In addition, local Area Agencies on Aging provide free, confidential and unbiased counseling to individuals with questions about Medicare.
For the majority of Virginia beneficiaries, a Medicare Advantage plan may be a better option than Original Medicare. These plans offer a variety of benefits, including prescription drug coverage. However, these plans can come with a high price tag. To help offset these costs, many Medicare beneficiaries choose to enroll in a Medicare Supplement plan.
There are 10 standardized Medicare Supplement plans available in the state of Virginia, each designated by different letters of the alphabet (Plans A, B, C, D, F, G, K, L, M, N). While Plan F offers the most comprehensive coverage, it is only open to those who became Medicare-eligible before January 1, 2020. Plan G, on the other hand, is a popular choice among Medicare-aged residents because it only requires the enrollee to pay a monthly premium and covers any remaining out-of-pocket Medicare expenses.
As of 2021, about a third of all Medicare beneficiaries in the state had Medigap coverage. These plans are offered by private insurers, and they are regulated by the state’s laws and insurance commissioner. Moreover, they must cover the same core coverage as Original Medicare. However, the cost of these plans can vary significantly between insurers.
In order to make the right choice for your needs, you can consult a professional who is licensed to sell Medigap plans. A licensed agent can explain the coverages available and help you compare rates to find a plan that fits your budget. In addition, he or she can guide you through the Medicare Annual Enrollment Period that occurs each fall, from October 15 to December 7. The agent can also provide information about financial assistance for Medicare beneficiaries in the form of Medicare Savings Programs and long-term care coverage. Medicare Savings Programs help cover the cost of your Medicare premium and services that Original Medicare doesn’t cover, such as long-term care. In addition, there are also several other programs that assist with the cost of medications.