Missouri Medicare Supplement Anniversary Guaranteed Issue Period
Missouri residents have a rather unique “Open Enrollment”or “Guaranteed Issue” opportunity known as the Missouri Medicare Supplement Anniversary Guaranteed Issue Period. How does this guaranteed issue period work? Once a Missouri Medicare beneficiary has one of the standardized Medicare Supplement policies in place, each year based on the original issue date of their current policy, the beneficiary can switch from a like plan to a like plan without having to answer any medical questions. An insurance company cannot refuse to sell the Medicare beneficiary a like policy based on age, preexisting conditions, medical expenses, etc. This guaranteed issue period is a great opportunity for Medicare beneficiaries living in Missouri to shop and compare premiums among the different insurance companies that offer Medicare Supplement Plans and change insurance companies if a company offers the same plan for a lower premium amount.
When is the Missouri Medicare Supplement Anniversary Guaranteed Issue Period?
The Missouri Medicare Supplement Anniversary Guaranteed Issue Period begins 30 days before the issue date of the Medicare beneficiary’s current Medicare Supplement policy until 30 days after that issue date. By using this provision when a Missouri Medicare beneficiary gets a price increase from their insurance company they may be able to find the same plan at a lower price, and not have to worry about being medically underwritten to make the switch.
Which Plan Can I Purchase During the Missouri Medicare Supplement Anniversary Guaranteed Issue Period?
There are restrictions regarding Medicare Supplement Plan purchases during the Missouri Medicare Supplement Anniversary Guaranteed Issue Period. Specifically, the Medicare beneficiary can only purchase the same plan that they currently have from another insurance company to avoid underwriting, or have guaranteed issue rights. For example, if the Medicare beneficiary has a Plan F then during the Anniversary Guaranteed Issue Period, he or she can only purchase a Plan F from another insurance company. If the Medicare Beneficiary has a Plan G, then the Medicare Beneficiary can only purchase a Plan G to be able to take advantage of the Medicare Supplement Anniversary Guaranteed Issue Period.
What if I Want a Different Medicare Supplement Plan?
The Missouri Medicare Supplement Anniversary Guaranteed Issue Period allows a Medicare Beneficiary the opportunity to purchase the same Medicare Supplement Plan that he or she already has in force and avoid underwriting. Medicare Supplement plans can be written at any time during the year but unless a specific circumstance allows a guaranteed issue period, then the Medicare beneficiary will have to answer health questions and go through underwriting, which means he or she could be denied based on health conditions. Therefore, if the Medicare beneficiary wishes to purchase a different Medicare Supplement Plan, such as changing from a Plan C to a Plan F, then even if the application is completed during the Missouri Medicare Supplement Anniversary Guaranteed Issue the Medicare beneficiary will have to go through underwriting.
The Missouri Medicare Supplement Anniversary Guaranteed Issue Period does not affect any other guaranteed issue periods in which the Medicare beneficiary is entitled. (For more information on guaranteed issue periods please refer to Medicare Pathways article entitled “Guaranteed Issue Periods for Medicare Supplement”.)
Additionally, the Missouri Medicare Supplement Anniversary Guaranteed Issue Period applies only to Medicare Supplement Plans and has no effect on original Medicare or other Medicare insurance, such as Medicare Advantage Plans or Prescription Drug Plans.
Missouri’s Medicare Supplement Anniversary Guaranteed Issue Period is a Great Opportunity to Save Money On Your Medicare Supplement Plan
The Missouri Medicare Supplement Anniversary Guaranteed Issue Period is a great opportunity for Medicare beneficiaries to shop and compare and change their current plan to a different insurance company with a lower premium for the exact same coverage. Contact Medicare Pathways to review your options and assist you in determining which plans you are eligible to change to, as well as find you a lower monthly premium even if you are looking to stay with the same plan. A Medicare Pathways Benefit Advisor will not only help you find a more affordable premium, but will assist you in enrolling in the plan. You can call 1-966-466-9118 to speak with a Benefit Specialist, or you can Request a Quote.
Stay informed! Visit our News Blog!
Medicare Pathways: 1-866-466-9118