Best Medicare Supplement Insurance Plans in Missouri

Do you currently live in Missouri and are considering a Medicare supplement plan? This article will help you decide which Medicare supplement insurance to choose. 

Let’s define Medicare Supplement Plans.

Medicare supplement plans in Missouri, also known as Medigap plans, are insurance contracts that help pay or cover gaps in original Medicare. However, the level of coverage depends on the Medigap plan option you choose. Medigap carries the designations from A to N, making comparing plans between private insurance providers easier. They are standardized, and beneficiaries receive the same benefits regardless of their carrier. Private insurance companies sell Medigap. Some companies offer additional benefits in their plans, such as gym memberships. These additional benefits aren’t usually part of the Plan and can be removed at any time. 

If you have a supplement policy in Missouri, Medicare pays its portion of your medical expenses first. The Medigap Plan then pays its share. Depending on the policy you have, your share could be nothing. Medicare has gaps such as copays, deductibles, and coinsurance. When you get medically-approved services, you must pay for the deductibles and copays unless you have purchased insurance to cover them. 

Beneficiaries who move to another state can keep their current Medicare supplement plans. The benefits remain the same; however, depending on the state, the premium may increase or decrease. You should contact your carrier to update your address if you plan to move to another state.

Plan A, B, C, D, F, G, K, L, M, and N are the 10 Standard Medicare Supplements. Still, the most popular Medicare health supplement plans are Medigap Plan F, Plan G, and Plan N, which we will discuss in this article.

Medigap Plan N:

Medigap N plan costs less (and offers less) than plans F and G and provides higher benefits than plans A, B, K, L, and M. With Plan N, you won’t pay a copay if you are admitted to the hospital. In addition, you won’t have to pay if you need blood. There are also no other payments or coinsurance for Hospice care. And no copayments or coinsurance for skilled Nursing. 

• Plan N

1. You’ll pay the Part B deductible.
2. Pay a $20 copay to see a medical provider, such as a doctor.
3. No copay for hospitalization, and if you need emergency care, you will pay $50.
4. You’ll pay any excess doctor’s fees because it’s not covered under Plan N.

Medigap Plan G:

Medigap Plan G is best for newly eligible enrollees. A popular and comprehensive alternative to Plan F, it covers everything Plan F covers except the Part B deductible. 

• Benefits of Plan G

1. Medicare Part A hospital and coinsurance costs and up to an additional 365 days after the Medicare benefits run out. 
2.  Medicare Part B co-payment or coinsurance
3. Skilled Nursing Facility Coinsurance
4. First three pints of blood
5. Part A hospice care coinsurance or copayment
6. Medicare Part A deductible  for hospital stays
7. Medicare Part B excess charges
8. Foreign Travel emergency coverage (80%, up to plan limits)

Medigap Plan F:

Medigap Plan F and Plan G benefits are nearly identical, except for the Medicare Part B deductible. Plan G doesn’t cover the Medicare Part B deductible, but Plan F does! If you had Medicare Part A or B before January 1, 2020, you can still get a Plan F.

Medicare Supplement Plan F covers most out-of-pocket costs of all Medicare supplement plans.

Medicare doesn’t pay for certain things like hearing aids, routine dental, vision and hearing exams, glasses and contact lenses, Retail prescription drugs, long-term care, or custodial care. If Medicare doesn’t pay for it, neither will your Medigap Plan.

Additional Coverage options of Medicare in Missouri

In addition to Medicare supplement plans in Missouri, the state offers several additional coverage options for people with Original Medicare. If you have Original Medicare, with or without a Medicare supplement plan, Medicare Part D may cover prescription drugs. 

To receive prescription drug benefits, you must purchase a prescription drug plan from an insurance company known as a stand-alone Part D plan. 

When can you enroll in a Missouri Medigap Medicare plan?

You must enroll in Original Medicare before signing up for Medicare Supplements insurance in Missouri.

• Medigap Open Enrollment Period (OEP): the best time to sign up for a Medigap policy in Missouri is When you turn 65 and enroll in Medicare Part B. You have an open enrollment period that lasts six months from the first day of the month of your 65th birthday. You can purchase any Medicare Supplement policy during your open enrollment period without undergoing medical underwriting.

Insurance companies can’t deny coverage or charge you higher premiums because of your health. 

1. Guaranteed issue – A guaranteed right of issuance gives you the option to purchase a Medicare supplement plan outside your OEP without running the risk of being denied your health or being charged more. 

• Outside Open Enrollment Period: You can enroll and purchase a Missouri Medigap plan outside your open enrollment period. Still, insurance companies can use your health to make their decisions. You may not be able to get coverage or may pay higher rates. 

• Special Enrollment Period: Certain situations in which you are guaranteed issue right and allow you to register outside your OEP:

1. You want to return to your Original Medicare within one year of enrolling in a Medicare Advantage plan. 
2. Your group plan coverage, like your employer plan, is ending.
3. You have a Medicare Advantage plan but are moving out of the service area.

The Cost of Medigap policies

Each insurance company decides how to price or premium its Medigap policies. Insurance companies use three prices or ratings to price Medicare Supplement plans in Missouri.

• Community-rated (No-age rated): The same monthly premium is charged to everyone with the Medigap policy, regardless of age. Premiums may go up because of other factors, but not your age.
• Issue-age-rated (entry age-rated): Your age when you buy or when you’re issued the Medigap policy is the basis for the premiums. Premiums for people who shop at an early age are lower and won’t change as you get older.
• Attained-age-rated: Your current age is the basis for a premium increase.

Example of Medigap Costs for a Man and Woman age 65 years old living in Missouri

1. A 65-Year-Old Male that doesn’t use tobacco

• Plan F Monthly Premium – $209 to $411 

(Plan F’s availability is not valid if you turned 65 on or after January 1, 2020, and for some people under age 65.)

• Plan G Monthly Premium – $169-$363
• Plan N Monthly Premium – $133-$288

            b. A 65-Year-Old Female that doesn’t use tobacco

• Plan F Monthly Premium – $189-$370

(Plan F This plan isn’t available if you turned 65 on or after January 1, 2020, and to some people under age 65.)

• Plan G Monthly Premium –  $154-$327
• Plan N Monthly Premium – $121-$259

Source: Medicare.gov

Why consider purchasing a Medicare supplement plan (Medigap) in Missouri?

There are several things to consider when enrolling in a Medicare supplement plan, also known as Medigap. 

• Medicare supplement policyholders can consult any provider in Missouri or any other state that accepts Medicare. No referrals are required, as required by a Medicare Advantage plan. 
• Medicare supplements are guaranteed renewable. An insurance company can’t cancel the policy if you pay your premiums on time, even if you have health problems.
• Since it is a standardized plan, the options are less confusing. That makes it simpler to figure out which Plan is best for you. 

Anniversary Rules for Medicare Supplement Plans in Missouri

Medicare Supplement plans in Missouri allow an anniversary rule each year. You can choose a Medigap plan with the best price during this time. It permits you to change your Medicare supplemental policies within 60 days after the anniversary of your insurance registration. 

You can only change from your current Plan to another plan of the same letter. If you switch from the same-lettered Plan to a new insurer, the insurer cannot deny you coverage. It cannot impose a waiting period based on pre-existing conditions.

Source: insurance.mo.gov (Page 6)

Suppose you want to switch to a Medigap plan with LESS or MORE benefits, and you’re out of your open enrollment period for the Medicare Supplement or a guaranteed right of issuance. In that case, you will need to undergo medical underwriting. Thus, As a result, a denial from a policy may occur because of pre-existing health conditions. 

With the anniversary rule, you can compare premiums annually. 

Under federal law, there is no requirement for Medicare Supplement carriers to offer Medigap plans to people with Medicare because of a disability. However, some state laws require companies to provide at least one policy for disabled beneficiaries. Missouri is one of the states with this requirement.

Medicare Excess Charges in Missouri

Additional charges are up to 15% compared to Medicare-approved costs for a service provided by a doctor who does not accept a Medicare assignment. Excessive charges aren’t common, but Missouri allows them, like most states. Your doctor may charge additional fees if they don’t accept a Medicare assignment. 

When choosing a physician, asking them if they accept the Medicare Assignment is always essential to avoid these charges when receiving any medical services.

When health professionals accept an assignment, they agree to 

• to be paid directly by Medicare
• to take the Medicare-approved payment amount and not charge you additional fees 
• not to bill you for more than the Medicare deductible and coinsurance

Downside of Medigap

• Medigap premiums are usually higher than those for the Medicare Advantage plan. 
• You must purchase a separate drug plan in addition to your Medigap plan because it does not include outpatient drug coverage.
• Medigap plans can increase your premium every year. 

Losing or dropping Medigap

Medigap policies are guaranteed renewable policies. That is why Medigap Insurance companies cannot drop you unless:

• You stop paying premiums
• You were not honest on the application
• The insurance company goes bankrupt.

Things to know when comparing plans

• Every Medigap policy must comply with federal and state laws that protect you. Insurance companies can only sell you a “standardized” policy identified by letters in most states. 
• You should compare financial strength ratings and how often interest rates rise.
• Some state sells “innovative” or “additional” plans that include extra benefits such as vision and hearing in their programs.

Compare and find Medigap plans by adding your zip code to www.medicare.gov.

How to Apply for a Medicare Supplement Plan in Missouri

Finding the best Medicare supplement plan in Missouri for your needs is essential to adequate coverage. Contact your nearest Medicare agent to determine which Medicare supplement plan fits your needs. 

Use Certified Medicare Agents Directory, and we’ll assist you in finding a professional representative to make your personal insurance plan decision as easy as possible. 

Medicare Supplement Agents Near Me

Figuring out how Medicare works can be confusing. Medicare is full of complicated terminology and complex enrollment deadlines, and many plans look similar but have different meanings. That is why working with an agent specializing in insurance is very important. There are several reasons why you need a Medicare agent. 

• There is no additional charge to use an agent or broker. Your premium is the price you would have if you had purchased the policy directly from the carrier.
• Agents can save you time by comparing different products or policies.
• Brokers can help you obtain another policy with a different carrier if your rates increase.
• Agents and Brokers can help you with Medicare claims.
• They can help you get a better price than you can find for yourself. 
• They can provide an unbiased opinion on all your Medicare options. 
• They can offer you fare options from different carriers, allowing you to choose the right fit. They offer a wide variety of plans with unbiased recommendations. 
• Only Medicare agents can explain numerous plans, plan combinations, benefits, rules, and exceptions. They know a lot of insurance topics, and they know how to help you get the best value for Money. Medicare brokers must pass several classes and tests each year. 
• When you take out a Medicare supplemental insurance policy, Medicare agents can help you determine if you meet underwriting requirements. You won’t waste time applying for plans that exclude you based on your health status. 
• They research the market to find the policy that works best for you. 
• Brokers listen and understand your insurance coverage requirements. 
• Medicare agents can assist you in filling out your form when you enroll in the insurance plan.

Things to consider when looking for a Medicare supplement agent 

• You must ensure that the agent or broker you choose is licensed in your state. Your state’s insurance department can confirm this. 
• The agent or broker you choose must have experience selling Medicare plans in your state. 

Depending on your needs and budget, agents can help you decide what level of coverage is best for you.

Originally Published on https://www.certifiedmedicareagents.com/blog/

Katherine Kline Podcaster, Blogger

I host the Rock Your Retirement Show, which is about Lifestyle, not money or insurance! I started the show in 2016 before anyone knew what a podcast was, and now it's had over one million downloads. At this point, there is a lot of information in our back catalog and we try to release an episode every month.

I'm a retired Financial Advisor (after 25 years) and now I try to have fun with my husband, my dog, and my friends.

I'm also the founder of CertifiedMedicareAgents.com, a site that brings insurance agents together with people who are looking for help with Medicare.