Disclosed is a prosthetic device for use with a mitral valve, comprising an insert member and an anchoring member. The insert member having sufficient rigidity to maintain a deployed shape and sufficient resiliency to be compressed to a reduced diameter for delivery in a delivery sheath, a cross-sectional profile of the insert member shaped to permit native leaflets to create a tight seal with sides thereof. The insert member including a passageway extending therethrough along a longitudinal axis, a valve member disposed in the passageway, the valve member comprising one or more flap members defining a slit or opening, the valve member allowing blood flow in only one direction, the insert member including an outer layer formed of a biocompatible material.
