Medicare Supplement

Same Medigap Plan G in Richmond, different price tags: how to compare Virginia insurers

Here is the piece of Medigap shopping that trips people up in Richmond and everywhere else: the letters (A, B, D, G, G-HD, K, L, M, N) are set by federal law. A Plan G is a Plan G, whether you buy it from a national name or a smaller company you have never heard of. The benefits inside the letter do not change from insurer to insurer.

Medicare SupplementRichmond, VA

If you live in Richmond, the plan letter is the easy part

What does change is the price, how that price is calculated, how often it goes up, whether you get a discount for having a spouse on the same plan, and whether the insurer will even sell to you without health questions. That is what this guide is about — how to line up the same plan letter across insurers and see what really separates them.

Richmond is in Richmond city, and the Virginia insurer list applies statewide.

Who sells Medigap in Virginia

Virginia has a long list of insurers approved to sell Medigap policies. The table below lists every insurer and the plan letters each one offers. A few names you will see on that list include AARP - UnitedHealthcare Insurance Company, Aetna's Continental Life Insurance Company of Brentwood, Tennessee, Anthem Blue Cross and Blue Shield - Virginia, Humana, Mutual of Omaha, State Farm Mutual Automobile Insurance Company and USAA Life Insurance Company, along with more than a dozen others.

Not every insurer sells every letter. For example, if you want a high-deductible Plan G, only some carriers offer it. If you want Plan B, Plan D or Plan M, the field is smaller still. Start by picking the letter that fits your budget and risk comfort, then narrow to the insurers that actually sell that letter.

Plans C and F are closed to people who became eligible for Medicare on or after January 1, 2020. If you were eligible before that date, you may still buy them.

The three pricing methods — this is where quotes really differ

Two insurers can sell the exact same Plan G and quote very different premiums because they use different pricing methods. In Virginia you will see all three:

• Attained-age rated. The premium is based on your current age and goes up as you get older. It often looks cheapest at 65 and rises over time.
• Issue-age rated. The premium is based on your age when you first bought the policy. It does not go up just because you had a birthday, though it can still rise for other reasons.
• Community-rated (no-age-rated). Everyone in the state who has that plan pays the same base premium, regardless of age.

All three methods can still change due to inflation and claims experience. Ask each insurer, in writing, which method they use for the letter you are considering. The Virginia Bureau of Insurance publishes a Medigap rate guide that also spells this out.

Rate history matters more than today's quote

A low premium today does not mean a low premium in five years. Before you sign anything, ask each insurer for their rate increase history on that specific plan letter in Virginia — how often they have raised rates, and by how much. Some insurers publish this; others will share it if you ask. The Virginia Bureau of Insurance also collects rate filings.

This is one of the most useful, and most skipped, steps in shopping Medigap. Two Plan G quotes that look similar at 66 can look very different at 76.

Household discounts and other price levers

Several Medigap insurers in Virginia offer a household or spousal discount — a small percentage off the premium if another adult in your home also has a policy with them (sometimes even if that person is not on Medicare). The exact rule and size vary by insurer, so ask directly. Some also offer a small discount for paying annually or by bank draft.

These are not huge levers, but when you are comparing the same letter across two similar insurers, a household discount can tip the decision.

Underwriting: when insurers can ask about your health

This is the part most Richmond readers underestimate. During your Medigap Open Enrollment Period — the six months that start when you are 65 or older and enrolled in Part B — insurers must sell you any Medigap plan they offer, at their best available rate, regardless of your health. You also have guaranteed-issue rights in certain other situations, such as losing employer coverage.

Outside those windows, most Virginia insurers can use medical underwriting. They can ask health questions, and they can decline you or charge more. This means that if you are switching Medigap plans later in life, the insurer with the lowest advertised rate may not actually accept you — and a different insurer might. Always ask about underwriting before you fall in love with a quote.

How to actually compare, step by step

1. Pick the plan letter you want (many people compare G, G-HD and N). 2. On Medicare.gov's Medigap policy search, enter your Richmond ZIP code and pull the list of insurers that sell that letter in Virginia. 3. Cross-check against the Virginia Bureau of Insurance rate guide. 4. Ask each insurer four questions: pricing method, three-year rate history for that plan in Virginia, household discount rules, and underwriting rules for your situation. 5. Only then compare premiums — you will be comparing apples to apples.

Your local State Health Insurance Assistance Program (SHIP), called the Virginia Insurance Counseling and Assistance Program (VICAP), offers free, unbiased help with this exact comparison.