Medigap in the State of Missouri

Missouri couple happily discussing their Medigap plan.
The best time to enroll in a Medicare supplement plan is during your Initial Enrollment Period.

Many Medicare beneficiaries in Missouri choose a Medigap plan to supplement their Original Medicare insurance. Medigap plans are an excellent way to fill in the “gaps” of Medicare Parts A and B. Individuals who enroll in one of these plans can benefit from a very comprehensive form of health insurance coverage.

To find out which Medigap plan is right for you, you’ll need to understand how these plans work and which options you’ll have available to you in Missouri.

Standardized Medicare Supplements

Medigap plans are also known as Medicare supplements. One of the most important things to understand about these plans is that they are standardized. “Standardization” means that these plans are the same across insurance carriers. This is very unlike Medicare Advantage plans, which are not standardized.

For example, there are currently ten Medicare supplements on the market. If you purchase Plan G from Company A and your friend purchases Plan G from Company B, you both have exactly the same coverage. The only difference is the premium – that is the only factor that insurance companies can change.

Missouri Medigap Enrollment

The best time to enroll in a Medicare supplement plan is during your Initial Enrollment Period. This is a 6-month window that begins on your Part B effective date. During this enrollment period, you will have guaranteed issue rights to any plan you want. No insurance company can deny coverage, or even increase your premium, because of a pre-existing condition. After your Initial Enrollment Period ends, you will usually have to undergo and pass medical underwriting to be granted a Medigap plan.

Missouri couple walking in the fall and discussing their Medigap plan.
Many Medicare beneficiaries in Missouri choose a Medigap plan to supplement their Original Medicare insurance.

Medicare Supplements in Missouri

Unlike Medicare Advantage plans, Medicare supplements are available everywhere. Medicare supplements do not utilize provider networks, so individuals are free to choose whichever provider they would like. As long as the provider accepts Medicare, they will also accept the Medicare supplement, regardless of which insurance company it is through.

As we mentioned earlier, you’ll have ten Medigap plans to choose from in Missouri. Those plans are A, B, C, D, F, G, K, L, M, and N. 

The only caveat is that Plan F is only available to Medicare beneficiaries who turned 65 prior to January 1, 2020. Changes were made at that time that prevent new Medicare beneficiaries from enrolling in a Medigap plan that pays for the Part B deductible, which Plan F does.

Let’s discuss the most popular Medicare supplements in Missouri, Plans F, G, and N.

Medigap Plan F

To be eligible for Plan F, you must have turned 65 prior to January 1, 2020. If you’re eligible for it, Plan F provides the most comprehensive overage of all the Medigap plans. Medicare beneficiaries with Plan F have all of their healthcare expenses covered, except for the actual premium of the plan. Since it does offer the most comprehensive benefits, Plan F also has one of the highest premiums. Premiums for this plan are likely to increase drastically over the next few years since there will be fewer and fewer members in the plan.

Medigap Plan G

After Plan F, Plan G has the best benefits. The only difference between the two plans is that Plan G does not pay the Part B deductible. That being said, we often find that the lower premiums more than makeup for the Part B deductible. It could actually be cheaper to enroll in Plan G, even with the added expense of the Part B deductible.

Medigap Plan N

Individuals who are looking for excellent coverage but would like a lower monthly premium have been pleased with Plan N. This plan offers exceptional value. Like Plan G, it does not include payment for the Medicare Part B deductible. It also does not cover Part B excess charges. (However, excess charges are not common and some states do not even allow providers to charge Part B excess charges. Unfortunately, Missouri is not one of those states.)

If you are turning 65 soon, now is a great time to begin researching and thinking about your Medicare supplement options. After your initial enrollment, you are not guaranteed one of these plans. It’s important to make the best decision you can as soon as you are eligible. And remember, our healthcare needs increase as we get older, so try to plan for the future as best you can.

Choosing a Medicare supplement is not always easy, but it can be with the help of one of our licensed agents. We’ll get to know your unique situation and then give you a few options that might work well in your case. And we’ll be here long after your enrollment. You can always reach out to us with questions about your coverage!

Give us a call today and set up for complimentary consultation.

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