A valve, usable in connection with a tracheostomy tube, permits phonation by selectively blocking passage of air therethrough. The valve includes a main body portion with first and second internal passages. A first aperture extends radially through a peripheral wall, connecting the first internal passage to an environment external to the main body. A second aperture extends radially through the peripheral wall, connecting the second internal passage to the environment. A trach body portion defines a third internal passage and is connected to the main body portion. A flapper valve is sandwiched between the main body portion and the trach body portion. First and second adjustment rings permit adjustment of opening defined by the first and second apertures, thereby permitting control over the air passing through the first and second apertures.