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Medicare doesn’t cover such as coinsurance, co-payments and deductibles. These plans reduce your total out-of-pocket cost for medical services. Today we’ll discuss parts of Medicare, what can affect your insurance rates, Guaranteed Issue rights, tips when shopping for a plan, some state health facts and options to enroll today.

Missouri Medigap Plans

Commonly referred to as Medicare Supplement insurance, Missouri Medicare policies offer additional health care coverage to Medicare beneficiaries through private insurance companies. Make sure to not confuse “parts” of Medicare with the 10 Medigap plans. “Parts” of Medicare refer to Medicare Part A Hospital insurance, Medicare Part B medical insurance, Medicare Part C and Medicare Part D.

  1. Part A helps cover home health, hospice and skilled nursing facility care but does not include long-term care
  2. Part B helps cover the out-of-pocket cost for doctor visits, outpatient hospital services, medical equipment and some preventive services to maintain health
  3. Part C is offered by private insurers that are contracted by Medicare to handle all aspects of a beneficiary’s healthcare
    1. It’s important to know that these plans CANNOT be combined with a Medigap plan
  4. Part D is offered by private insurers that have been approved by Medicare to help pay for your prescription medications
  5. Medigap insurance is optional coverage that compliments your Original Medicare
    1. Ten plan options, lettered A-N

Factors that Affect your Missouri Medigap Insurance Rates

  • State of residence
  • Whether you smoke
  • Gender
  • Whether the policy is for an individual or group
  • Premium payment method
  • Age of plan selected
  • Type of coverage

Guaranteed Issue Right in Missouri

When given guaranteed-issue rights a carrier cannot deny you coverage based on your health status, apply any waiting periods on coverage for current conditions or increase your rates due to pre-existing conditions. To be given guaranteed issue you must apply during your Open Enrollment Period. This period begins the first day of the month you’re enrolled in Part B of Medicare and also have reached the age of 65 or older.

Missouri Medigap Insurance Premiums & Prices

Missouri Medigap insurance premium prices depend on many factors. Missouri Medigap insurance providers base their prices on your age, gender, location, etc.

Shopping Tips & Things to Know

  1. Make sure to educate yourself on the different types of benefits that are included in each of the letter plans
  2. Since the benefits in each letter plan are the same regardless of the carrier, you should research the different rates carriers offer once you select with letter plan you want
  3. Plan A is a lowest price policy available
  4. Plan B through N add additional benefits to fill in the gaps in your Original Medicare coverage
  5. Plan K & L are for those who can afford a higher deductible and are overall healthy
  6. Keep proof of prior creditable coverage
  7. Don’t buy from agents who claim to be from the government, they do not sell insurance

State Health Facts

In 2014, Missouri state spent over 11 million dollars on Medicare and enrollees spent an average of $10,500. Between 1991-2014, the average annual increase in state spending on Medicare was 6.9% and 5.3% per enrollee.

Paul La'Hay

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