Missouri Medicare Supplement

If you’re a resident of Missouri and are turning 65 years old soon, you’ll be glad to know that the state is home to dozens of insurance providers that offer Medicare Supplements. Also called Medigap, these insurance products are acquired in addition to your Medicare Part A and Part B subscription, which is provided through the federal government. Medicare Supplements, though sold through private companies, are standardized and regulated by the state to ensure that all aging Americans from any part of the country have access to the same benefits. Missouri senior citizens are no exception.

Medicare Benefits

Medicare is the government-provided health insurance for people who are at least 65 years old or under 65 but with certain disabilities or diagnosed with End Stage Renal Disease (ESRD). It is divided into four parts: Part A, Part B, Part C, and Part D. For this discussion, we will focus only on Part A and Part B, which are both necessary when you are also interested in buying a Medigap plan. Part C (Medicare Advantage) and Part D (prescription drug coverage) are purchased separately and are optional.

Part A refers to hospital insurance or expenses incurred as an in-patient capacity. This also includes skilled nursing facilities (though not in long-term or custodial care), critical access hospitals, hospice care, and home health care. You will need to meet a certain set of requirements to be able to qualify for these benefits. Part A coverage doesn’t cost anything if you or your spouse paid Medicare taxes for at least 10 years while you were still employed. If you are not eligible for the free service, you may purchase it under certain conditions. In 2018, those who need to pay for Part A shell out up to $422 in premiums per month.

When you purchase Part A, you will also need to buy a Part B coverage, which costs $135.50 in 2019. This amount can change every year (in 2018, it was $134). Part B, referred to as medical insurance, covers outpatient care, doctors’ fees and other services that Part A does not shoulder. In order to qualify for any Medigap plan, you will need to be enrolled in both Part A and Part B. Note that whatever monthly premium you pay for your Medigap policy is shelled out on top of your fees for Medicare Part B (and Part A if you didn’t get it for free).

How Medicare Supplements Enhance Medicare

While Medicare already offers a strong list of benefits, it still is not enough to cover majority of the possible healthcare interventions that a senior citizen will need in his or her twilight years. With the rising cost of medical products and services, Medigap plans are veering away from being optional to becoming a necessary purchase.

Medicare Supplements are designed to cover many of the healthcare costs that original Medicare does not shoulder. With the right mix of policies and depending on the situation, an elderly American stands to face zero billing when the time comes. The point of having both Medicare and Medigap is to ensure that seniors are shielded from the painful cost of aging and will not have to dip into their hard-earned retirement savings, which they should be enjoying in terms of leisurely pursuits.

When to Apply for a Medigap Plan

The best time to enroll in a Medigap policy is during your open enrollment period. This is the six-month window, during which time you are guaranteed to be approved for any plan you apply for. Typically, insurance agencies require applicants to undergo medical underwriting to determine a person’s eligibility for healthcare subsidies. During the OEP, you can sign up for any Medigap policy and be approved right away, regardless of your past, current and projected health status. Insurers are required by law to forego any medical assessment prior to approval. They are also required to charge you according to their regular premium rates.

The open enrollment period starts on the first day of the month that you celebrate your 65th birthday and ends six months after. For example, if birthday is on May 15, then your OEP begins on May 1. It is emphasized that you purchase your Medicare Supplement during this time to avoid higher charges or being rejected entirely.

Comparing Medicare Supplement Plans

There are 10 Medicare Supplements and they differ in terms of the level of coverage of the basic benefits that the government has set. Thus, the more comprehensive the coverage, the higher the monthly fees. In Missouri, the average rate of premiums is $130.42 per month (or $1,565 per year). The highest average is recorded in Massachusetts, which logs $162.25 per month ($1,947 per year), while the lowest is recorded in Hawaii at $109.16 per month ($1,310 per year).

Note that private insurers are allowed to set their own pricing, so it’s important to compare what providers in your area are charging first (and whether or not they are offering additional benefits) before making a decision. In addition, the most expensive or comprehensive plan is not always the best one. You might end up paying so much for benefits you don’t really need or get to use. Before signing up with any policy, evaluate your needs first and assess your own health status to ensure that you are not overpaying for anything.

Have More Questions?

If you’re still not sure about how to choose the right Medigap plan for you, our team of licensed advisers can help you make an informed decision. We can help you identify options in Missouri (or any other state) and evaluate your needs based on your health status and budget. You may get in touch with us at 800-791-0150.