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How Much Does A Medicare Supplement Plan Cost In Virginia?
How much does a Medicare supplement plan cost in Virginia? Well, that depends upon a variety of factors. Generally, Medicare supplement plan monthly
premiums tend to run slightly lower in Virginia than they do in other nearby states. But there are other factors that have a far greater impact on price.
Keep in mind that when searching for the ideal Medicare supplement plan, cost is a significant factor, is should not be the only factor you should consider.
The most important factor should always be the overall quality of the plan you choose. This includes the benefits of the plan itself, as well as the company
that is behind the plan. Once you are satisfied with the aforementioned qualities of the plan, only then should you consider price.
Good to know: If your family is healthy and doesn't visit the doctor often, a high-deductible health plan could save you hundreds of dollars in lower monthly premiums. In addition, most high deductible health insurance plans are HSA eligible. An HSA eligible plan qualifies you to open a health savings account (HSA). A health savings account is designed to work in concert with a your high deductible health insurance plan. You can save money in your HSA account before taxes and use the funds to pay for eligible health care expenses. Additionally, unused HSA funds continue to grow tax-deferred, year after year.
We will list the factors that impact the premium rates of Medicare supplement insurance. They are ordered from the most significant impact, to the least:- Plan Type
- Age
- Company
- Tobacco Use
- Health Status
- Region
- Gender
Plan Type
The most significant factor is the plan type that you choose. For example, the monthly premium of a plan type "F" will likely be consistently higher than the monthly premium of a plan type "K" - no matter which insurance carrier you decide upon. This is because each Medicare supplement plan type designates a unique plan benefit structure. All supplement plans are designed to cover medical costs that are not covered by traditional Medicare. However, some plans pick up more medical costs than others. These benefit differences are reflected in monthly premium.
Age
With very few exceptions, the older you are, the higher your monthly premium.
Good to know: Pick the right insurance policy. Take the time and put in the work necessary in order to select the right plan. In the state of Florida, for example, if you are shopping for a health insurance plan through the Affordable Care Act exchange, you will be offered around 100 plan variations to choose from. This doesn't even include all of the health plan options that are not on the exchange. So, regardless of where you live, you will likely find a confusing clutter of choices that you will need to sort through. In addition, you want a plan that includes your doctors and your medications, plus provides care for any chronic conditions. Information online can be incomplete or outdated, so call the doctors to make sure they're still participating in plans you're considering.
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| Sentara Virginia Beach General Hospital 1060 First Colonial Road Virginia Beach, VA 23454 Telephone: (757) 395-8000 Plus Code: VX7F+R8 Virginia Beach, Virginia |
Company
In Virginia, Medicare supplement monthly premiums vary wildly depending upon which insurance company you buy the plan from. The fact that plan benefits may be exactly the same, does not mean the monthly premium will be. While traditional Medicare is a government program, Medicare supplement plans are offered by private insurance companies. They get to set the pricing of the plans they offer.
Tobacco Use
Most insurance companies in Virginia will charge a slightly higher monthly premium for Medicare supplement coverage if you smoke or chew tobacco.
Health Status
In some cases, if you are not enrolling within the open enrollment - guarantee issue time frame for Medicare supplement coverage, some companies in Virginia will charge you a higher rate if you have specific medical issues. Please contact us if you have questions concerning this.
Gender
Both Medicare supplement and Medicare advantage plan insurance companies tend to offer slightly lower premium rates for women.
Where you live in Virginia
Your Medicare Supplement plan monthly premium will vary depending on where you live in Virginia. Usually, monthly premiums in rural areas tend to be slightly lower than monthly premiums in large metropolitan regions.
Insurance companies offering Medicare Supplement and Medicare Advantage plans include:
- AARP
- Mutual of Omaha
- Combined
- IAC
- Gerber
- Sentinel
- Blue Cross Blue Shield
- Humana
- Cigna
- Aetna
On Average For 2024
On average, in Virginia, for a standard plan A, the average monthly premium for a 65 year old non-tobacco, female applicant would be: $117.00 - $130.00.
On average, in Virginia, for a standard plan A, the average monthly premium for a 65 year old non-tobacco, male applicant would be: $125.00 - $152.00.
Good to know: Tell the Truth on your application: Did you know that in some circumstances, health plan companies are not legally obligated to honor your policy and pay claims if you knowingly misrepresented the truth on your application? Getting your application accepted, or getting a cheaper premium, is not worth the risk of the company canceling your policy because you misrepresented the truth.
To get an exact rate, click "Get Covered Now" at the top of the page!
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