Purchasing a Medicare supplement in Missouri can be somewhat overwhelming if you are not familiar with the process. You must be at least 65 years old or approved for Medicare disability. You must also be enrolled in Medicare Parts A and B with the federal government.
There are ten modernized plans available to choose from (A- N) as well as high deductible Plan F. It is important to request an outline of coverage from your agent so that you know what each plan covers. All plans are not offered by all insurance companies. Traditional Plan F is most comprehensive and usually most popular with those who are Medicare eligible.
All other plans will cover some of the gaps in Medicare and therefore you will have more potential out of pocket expenses. Should you choose a less comprehensive plan, you may end up with larger medical bills.
Missouri Medigap Anniversary Rule
What makes Missouri unique when compared to other states is the yearly anniversary rule. Each year, you can switch Medicare supplements in Missouri without medical underwriting. You can switch to like or lesser coverage with a different company in order to lower your premiums.
If for instance you have Plan G coverage, you could switch to another Plan G or any plan with less benefits without underwriting. However, because Plan F provides greater benefits than G, you would need to be underwritten in order to switch to a F Plan.
Your yearly anniversary is unique and occurs within a month of your effective date. It does not necessarily occur during the month of your birthday, but rather when you were enrolled into the Medigap coverage. The window of time to take advantage of this rule encompasses the the 30 days on either side of your effective date.
In order to enroll in a new Medicare supplement during this time, you only need to provide the new insurance company with a copy of the effective date of your old policy.
Medicare Supplements Under Age 65 – Disability Coverage
The state of Missouri also allows for individuals who are on Medicare disability to enroll into a supplemental plan. Just like those who are Turing 65, you must enroll during your open enrollment period to be issued a policy on a guaranteed basis. Open enrollment encompasses the three months before your approval, the month of your approval, and the three months after.
It is important for those who are on disability to take advantage of this window of time. Otherwise, you can be denied coverage later on if you need to be medically underwritten. Those on disability can also take advantage of the yearly anniversary rule.
Purchasing a Supplemental Policy
If you are in need of supplemental insurance, it is wise to shop through an agent. There is no mark up for their services and you can compare prices from several companies at once. By learning the plan designs and shopping for the best rates, you should have no problems finding a suitable Medicare supplement insurance plan.