SCC Bureau of Insurance Offers New Medigap Premium Comparison Tool

Financial

SEP 01, 2022

RICHMOND – If you are covered under Medicare, or will soon be eligible for Medicare coverage, the State Corporation Commission’s (SCC) Bureau of Insurance (Bureau) offers a helpful tool for you: the Medigap Premium Finder. This tool allows you to search and compare annual premiums for Medicare Supplement plans. These optional plans, also known as “Medigap” and offered by private insurance companies, are designed to help pay deductibles, copayments and some out-of-pocket costs, and provide other benefits that Medicare does not cover. Medigap policy premiums are separate from any other premiums consumers pay for Medicare coverage.

There are 12 different Medigap plans – A through N – from which consumers can select. Premiums can vary significantly depending on the insurance company and plan you choose. While comparison shopping for prices, benefits, and services can seem daunting, the Medigap Premium Finder helps simplify this task. This one-stop shopping tool allows you to search by ZIP Code to see the names and contact information for insurance companies writing Medigap insurance in your area, as well as those companies’ coverage options and annual premiums.

Comparison shopping can result in considerable cost savings and help consumers find a company and policy that best suits their needs. The Bureau encourages Virginians to comparison shop before selecting a specific Medigap plan.

Consumers can access the Medigap Premium Finder at scc.virginia.gov/pages/Med-Premium-Finder. The website also includes the Virginia Medigap Guide and other valuable consumer insurance information.

The Bureau’s Life and Health Division also has specially trained staff who can help with your questions regarding Medigap insurance. To contact them, call 804-371-9691 in Richmond or toll-free at 1-877-310-6560 or email the Bureau at BureauofInsurance@scc.virginia.gov.

Additionally, the Bureau offers free consumer outreach programs on a number of insurance-related topics, including Medigap. Speakers are available to talk to your group or organization on the insurance topics of your choice and can provide answers to general questions regarding insurance. For more information, contact the Bureau’s Outreach Section at 804-371-9389 or e-mail ConsumerOutreach@scc.virginia.gov.

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Contact: Katha Treanor, 804-371-9141