While Original Medicare (Medicare Part A and Medicare Part B) covers most of your healthcare expenses, there are still a number of out-of-pocket costs you may be responsible for. This is where a Medicare Supplement plan can come in handy. Also known as Medigap insurance, these plans offered by private insurers help cover the gaps in coverage that can leave you with expensive out-of-pocket medical expenses. Before enrolling in a Medicare Supplement plan, you should take the time to research the available options and determine which level of coverage best fits your needs. You should then compare the cost of each plan to determine which option offers the best value for your budget.
Medicare Supplement plans are available to all residents of Virginia who are enrolled in Medicare Parts A and B. There are 12 Medigap plans to choose from, each with varying benefits and a monthly premium. Each plan is labeled with a letter, from A to N, and is designed to fill in the gap in coverage left by Medicare. The most popular plan in Virginia is Plan F, which provides comprehensive coverage and typically has the lowest monthly premium among all the available Medicare Supplement plans.
If you are a new Medicare VA Medigap Plan Requirements beneficiary, it is important to enroll in a Medicare Supplement plan during your open enrollment period. This window starts the month you enroll in Medicare Part B, and it lasts for six months. During this time, you can choose any Medicare Supplement plan without being required to answer health questions or having to pay a higher premium due to pre-existing conditions.
The Medicare Supplement plans that are available to you will vary by state, but the federal government sets the standard for each plan. This means that the benefits you get from each letter plan will be identical across all states. However, the monthly premiums for the same Medicare Supplement plans can vary significantly between states.
It is also important to note that a Medicare Supplement plan will not provide coverage for your prescription drug costs. For this reason, you will need to enroll in a separate Medicare Part D prescription drug plan. eHealth can help you find the Medicare Part D plan that is right for you by helping you compare plans and rates from top-rated providers in your area.
For more information on Medicare and the options available to you, visit the official website for the state of Virginia. The website offers a wealth of resources, including an explanation of the different types of Medicare Advantage plans available in the state and tips for selecting the right Medicare plan for your needs. In addition, the site features a comprehensive guide to the many programs available to help Medicare beneficiaries with their out-of-pocket costs. The site also includes a searchable database of Medicare providers and facilities in your area.