The way Medicare Advantage coverage works in Virginia
There are many ways to get your Medicare coverage in Virginia. Many Virginians choose to go with Original Medicare (Part A and Part B) which is the government run Medicare. However, you may choose to go a different route and receive your coverage in another way. Keep reading to find out how the Medicare Advantage plans in Virginia work.
Medicare contracts with private insurance companies to give you at least the same level of benefits as Medicare Part A and Part B coverage. These private insurance companies offer you a plan called Medicare Advantage (or Medicare Part C). If you signed up for a Medicare Advantage plan, Part A coverage will still pay for hospice services.
Medicare Advantage must issue at least the same amount of coverage as Original Medicare. As stated previously, you can get added benefits like prescription drug, dental, and routine vision coverage with a Medicare Part C.
There are different types of Medicare advantage plans which can best fit your needs like:
- Preferred Provider Organization (PPO) plans.
- Health Maintenance Organization (HMO) plans.
- Special Needs Plans (SNPs) — Built to assist people with specific illnesses and conditions.
What are Medicare Advantage Prescription Drug plans in Virginia?
You can also get a combination of health insurance and prescription drug coverage with a Medicare Advantage plan. If you want prescription drugs with your plan you can get what’s called a Medicare Advantage Prescription Drug plan (Medicare Part D). The benefit to getting this drug plan is that you don’t have to purchase a stand-alone prescription drug plan, all benefits are under one plan.
Be aware that if you are a Medicare Advantage enrollee, you still have to pay your Medicare Part B premium.
How to Compare and Contrast Medicare Advantage plans in Virginia
If you want to sign up to a Medicare Advantage plan, analyze the benefits against the plan costs. Your plan may charge more for coinsurance, deductibles and copayments if you have a plan with lower monthly premiums.
Check the plan’s formulary if you’re interested in a specific Medicare Advantage Prescription Drug plan. A formulary is a list of all the prescription medications the plan covers and your copayments for each. The expenses can vary from plan to plan. Also, the formulary is subject to change year to year. If it does, your plan will notify you.
If you want to know the Medicare Advantage plan options that you have in Virginia, enter your zip code on this page to find out.