Finding the Best Medicare Supplement Plans in Virginia
If you’re enrolled in Original Medicare, you should consider a Medicare Supplement plan to help reduce your healthcare costs. Also called Medigap, these plans supplement (or fill the gaps) left by Original Medicare.
Virginia residents have a choice of ten Medigap plans. Among these, Plan G and Plan N are generally considered the “best” because they provide comprehensive coverage at a reasonable price. However, the best Medicare Supplement plan for you depends on what services you need covered and your individual budget.
Key takeaways:
There are ten types of Medicare Supplement plan in Virginia, labeled by letters A-N. Plans G and N are among the most popular for people who are new to Medicare.
All plans of the same type are identical in coverage (for example, every Plan G), but your monthly premium depends on a variety of personal and economic factors.
Take a look at our Virginia Medicare Guide for information on how to enroll, plan comparisons, and ways to save money on Medicare insurance.
Comparing the ten different Medicare Supplement plans
Most states, including Virginia, offer ten different Medicare Supplement Plans, each labeled with a letter from A to N. Virginia also provides the option to enroll in a high-deductible version of Plan F and Plan G.
The federal government standardizes Medigap plans, so all plans of the same type are identical in coverage regardless of the insurance carrier. The only thing that will be different is the monthly premium. What you pay for your Medigap plan depends on a variety of personal and economic factors, which we’ll discuss in detail later on.
Our Medigap comparison chart can help you understand the differences between each plan.
*Note that Plans F and C are unavailable for Medicare beneficiaries who turn 65 after January 1, 2020.
What is the best Medigap plan in Virginia?
Around 430,000 Virginians on Medicare are enrolled in a Medigap plan! Plan F is the most popular plan in the state, making up 60% of enrollments. Unfortunately, plan F is not available to most people who are new to Medicare. The other most common policies are plan G and plan N, which make up 30% of enrollments in the state.
Plan G and Plan N are widely considered the best options for people who are new to Medicare. As you can see in the chart above, these plans provide the most coverage. The main difference between them is that Plan N doesn’t cover Part B excess charges (though some states don’t allow them anyway).
The right plan for you depends on your unique health and financial needs. We suggest talking to an independent Medicare Advisor at Chapter who can help you compare your Medicare choices so you can feel confident choosing and using your Medicare insurance.
How much do Medicare Supplement plans cost in Virginia?
In 2024, Medigap premiums in Virginia range from $24 a month for a high-deductible Plan G to $415 for the highest-cost Plan D. If you turned 65 before January 1, 2020, the highest premium plan is $718/month for Plan F. You can use Medicare’s plan comparison tool or give us a call to find more information about Medicare Supplement plans in Virginia.
The specific cost of a Medicare Supplement plan varies from person to person because premiums depend on both personal factors and plan pricing structures.
Personal factors that affect your premium include:
Your age
Your gender
Where you live
Whether or not you smoke
When you enroll
Whether or not you live with someone who is also Medicare eligible
Policies tend to be more expensive if you’re a man, you’re older, or if you smoke. Missing your Medigap Open Enrollment period could also make your policy more expensive because you’ll likely need to go through medical underwriting. Medical underwriting is a process insurance carriers use to determine how “insurable” you are. Outside of the Medigap Open Enrollment Period, insurance companies can charge you more based on the questions you answer during underwriting.
Lastly, you could get a household discount for a handful of Medigap plans if you live with someone who is also on Medicare.
Economic factors that can affect your premium include:
Your policy’s pricing structure
Inflation and other economic shifts
While coverage for the same types of plans must be identical, insurance carriers can price their Medigap plans differently and use different pricing structures.
Medigap plan pricing structures
Insurance providers price their Medigap policies in one of three different ways. Depending on how they price their plans, your premiums could increase over time or remain the same.
The pricing structures are:
Community-rated: With these plans, everyone pays the same monthly premium regardless of age. Your premium also stays the same as you get older.
Issue-age-rated: These plans price your premium based on the age you are when you enroll. While this type of plan may have a higher-than-average premium initially, it will not increase as you age.
Attained-age-rated: With this type of plan, your premium is based on your current age. These plans might be enticing for younger buyers because the premiums for attained-age plans are less expensive than the average initially, but they increase as you age.
Signing up for the best Medigap plan for you in Virginia
The best time to enroll in a Medigap plan is during your Medigap Open Enrollment Period, which is the six-month period after your Medicare Part B coverage begins. During Medigap Open Enrollment, insurance companies can’t ask you about your health history, charge you a higher premium based on your health status, or deny your application. Outside of this window of time, carriers can deny your application based on your health history or choose charge you higher premiums.
With ten plan types and a number of insurance companies offering each one, choosing the right policy can be daunting. If you have any questions about Medigap, our licensed Virginia Advisors would be happy to help! Call us at 855-900-2427 or schedule time to chat.