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Today I will share some insight about Medicare Supplement plans available in St. Louis, Missouri.

Medicare Supplement Plans in St. Louis, MO

According to CSG Actuarial, an industry leading actuarial company and it shows 35 available plans in St. Louis.  I’ve listed those below.  You should also understand that not every insurance broker can offer all of these plans, these are simply the plans listed in the publicly available database from the federal Medicare program.

35 plans, now what?!

Critical items for you to remember:

1. Every plan of the same type (Plan G of Plan N) offer the exact same benefits.
2. Every plan can charge you a different monthly premium.
3. Always shop your plans and make sure you’re not getting over charged.

Plan G Financial Ratings and Monthly Rates

Plan N Financial Ratings and Monthly Premiums

How do I pick a Medicare Supplement Plan?

Considering there are 65 Medicare supplement plans in San Diego to choose from, it would make sense that you might be confused on how to pick the right plan.

Here are the steps I suggest.

1. Start with Plan G and Plan N.  These are the two most common plans available for someone turning 65.  Every single one of the 65 plans listed above offer a Plan N and a Plan G available in San Diego. And, every doctor that accepts Medicare will also accept these plans.
2. Remember that every “like” plan is the same.  This means that a Plan G from Mutual of Omaha offers identical benefits to a Cigna plan G, the only difference is the price.  Yes, you read that correctly, every plan of the same type offers the exact same benefits, except the price you pay.  You can easily pay much more for one plan G than another if you don’t take the time to shop.  You really should take the time to shop the plans so you don’t over pay.
3. Compare plans and enroll. I always suggest meeting with a licensed insurance agent.  There are three ways you can do this and the only way to enroll is by working with someone licensed by the California department of insurance.
   1. Work with an independent broker that offers most of the available plans.  I say most because brokers cannot offer all plans because some Medicare supplement plans are only available directly from insurance companies and brokers cannot distribute.  Call our team today to schedule a time with a broker who represents many of the plans available in San Diego.
   2. Work with a fee only Medicare advisor that will walk you through all the plans and then connect you directly with someone who can enroll.  There is a cost associated with this, but you are guaranteed to get unbiased advice as the fee only Medicare advisor doesn’t earn a commission for any specific plan.  Go here to learn more about a fee only Medicare advisor.
   3. Contact the insurance company directly.  You can always call an insurance company directly and if they have an internal licensed sales team they will transfer you there, or they will connect you with a licensed broker of their product.

Seven Things you need to know about Medigap plans.

According to CMS, there are 7 things you should know about Medigap plans.

1. A Medigap policy is different from a Medicare Advantage Plan, and policies don’t cover prescription drugs. Medicare Advantage Plans bundle your Hospital (Part A), Medical (Part B), and usually drug coverage (Part D) into one plan. Most Medicare Advantage Plans also offer extra benefits that Medicare doesn’t cover, like vision, hearing, dental, and more.A Medigap policy helps lower your share of costs for approved Part A and Part B services when you have Original Medicare. If you want drug coverage, you can join a Drug Plan (Part D) in addition to buying a Medigap policy.
2. Medigap only works with Original Medicare. Medicare pays its share of the approved service, and then your Medigap policy helps pay your share. You can’t get a Medigap policy if you have a Medicare Advantage Plan, unless you switch back to Original Medicare.
3. You need both Medicare Part A and Part B to buy and keep a policy.  This is the same as Medicare advantage.
4. The best time to get a policy is during your Medigap Open Enrollment Period. It’s the six month period that starts the month you turn 65 and you first have both Medicare Part A and Part B. During this time, you can buy any Medigap policy sold in your state, even if you have health problems.If you’re under 65, you may not be able to buy a Medigap policy, or you may have to pay more.
5. After your Medigap Open Enrollment Period ends, you may not be able to buy a policy. If you’re able to buy one or want to switch policies later, it may cost more.You may have Medigap protections, called guaranteed issue rights, in certain situations when insurance companies must offer you certain Medigap policies.
6. There are 10 standardized plans. Each plan offers different levels for how much of your costs they’ll pay for. They’re named by letter, like Plan A, and Plan B. Not all plans are offered in every state.
7. You’ll keep your policy, even if you have health problems, as long as you pay your Medigap policy and Part B premiums.

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