Virginia Medicare Supplement Plans
Medicare Supplements are a godsend for many senior citizens who are members of Medicare as these help augment the spending related to healthcare. Original Medicare, while already coming with several benefits, is still not enough to support the elderly as they advance in age.
Medicare Supplements, also called Medigap, are designed to fill in the “gaps” that Medicare does not. Having Medicare alone is no longer enough given today’s senior care needs, particularly in Virginia, which has a relatively high cost and standard of living. Without Medigap, seniors could face financial hardships, especially if they have limited retirement savings or simply want to allot their retirement funds to truly enjoying their twilight years.
The Medigap system was created by the federal government to ensure that all seniors have access to proper healthcare. They can choose among 10 standardized plans available in Virginia, according to their budget, lifestyle, current health status and projected health-related concerns. Members can choose plans that offer either the most comprehensive mix of benefits, if needed, or go for the lower-cost policies if they are relatively healthy.
Elderly Statistics in the State of Virginia
Virginia is considered one of the best places to retire in, in terms of affordability, weather, safety, and standard of living. According to HomeSnacks, the top five counties that are most conducive for senior citizens are Martinsville, Staunton, Poquoson, Hopewell and Danville.
The total population of Virginia is at around 8.58 million as of 2019. Among the around 6.5 million adults, 1.2 million are senior citizens. It is also home to almost 700,000 veterans, of which 144,000 are aged 65 to 74 years old and 111,000 are aged 75 and up.
In a separate report by StatChat, population projections state that the state’s elderly numbers will double in size by 2030 (from 2010) to translate to around one in five Virginians. This is because the baby boomer generation now have longer life expectancies due to advancements in the medical field, as well as better access to healthcare products and services, such as Medigap, Medicare Supplements, and other government and private programs.
Should You Apply for a Virginia Medicare Supplement?
The answer is YES if the following conditions are positive:
- You are a Virginia resident and are already enrolled in Original Medicare Part A AND Part B
- You are planning to travel around the country and want to be able to access any doctor who accepts Medicare
- You want the freedom of seeing any doctor you want that accepts Medicare and not be limited to a specific network of providers
- You intend to purchase a separate insurance policy for vision or dental after enrolling
- You are currently seeing a doctor who charges more than what Medicare approves for the service
Note that Medicare Supplements do not cover vision or dental care, long-term care (as in a nursing home), hearing aids, private-duty nursing, and prescription eyeglasses, so you might be interested in extra coverage for such products and services.
Cost of Virginia Medicare Supplements
The average cost of Medicare Supplements in Virginia is $129.83 per month, or $1,558 per year. For comparison purposes, Massachusetts logs the highest per-month average at 162.25, while Hawaii offers the lowest average at $109.16/month.
Because these are mere averages, actual premiums can go higher or lower depending on where you purchase your plan and the type of Medigap plan you avail. Insurance companies are allowed to set their own pricing for Medicare Supplement plans, so it’s important that you shop around and compare what’s available in your area before settling on a plan.
Other companies might also offer special discounts for couples, women, non-smokers, and other conditions. Some also provide lower pricing if you purchase any other insurance policy beyond a Medigap plan. In addition, insurers typically adopt an increasing pricing structure annually. Be sure that to ask about its policy on increases to avoid any surprise charges down the line.
When to Apply for a Medigap Plan
The ideal time to apply for any Medigap plan is when you are first eligible and during your Open Enrollment period. This is the six-month window given to new enrollees, during which time they are guaranteed to be approved for any application and will not be subjected to medical underwriting. This period begins on the first day of the month you turn 65 years old. Thus, if your 65th birthday is June 12, your Open Enrollment period starts June 1.
Updates on Virginia Medigap Plans
Starting January 1, 2020, Medigap plans will no longer include the Part B deductible. This means that Plan C and Plan F will no longer be sold to new Medicare enrollees. However, if you already have these plans, you may continue to use them. This new ruling applies to all Medicare Supplements across the country, regardless of the insurance provider.
The little details surrounding Medigap policies can be confusing, but our team of experienced and licensed advisers are more than happy to guide you all the way. We can assist with all Medigap related inquiries for Virginia, as well as guide you through the entire selection process. Get in touch with us at 1-800-791-0150.
