Medicare Supplement policies are private health insurance that are designed to supplement orginal Medicare.  This means it helps pay some of the health care costs that Original Medicare doesn't cover.  For example, copayments, coinsurance, and deductibles.  If you are in Original Medicare and you have a Medicare Supplement policy, Medicare will pay its share of the Medicare-approved amounts for covered health care costs.  Then your Medicare supplement pays its share. 

Medicare Supplements must follow Federal and state laws designed to protect you, and it must be clearly identified as Medicare Supplement Insurance.  Medicare Supplement insurance companies can only sell you a "standardized" Medicare supplement policy identified by letters A thru L.  Medicare Supplement policies in most states fall into 12 standardized plans.* They are designated by the letters A through L. Plans F and J may also be offered in high-deductible versions. Plans K and L provide for different cost sharing and may have lower premiums.

Each standarized Medicare Supplement policy must offer the same basic benefits, no matter which insurance company sells it.  Cost is usually the only diference between Medicare Supplement policies sold.  Insurance companies that sell Medicare Supplement policies do not have to offer every plan (A-L).  However, they must offer Plan A if they offer any medigap policy.  Each company decides which Medicare Supplement it wants to sell, although state law might affect which one they offer.  

*Note: Not all options are available in all policies or in all states.

WHAT TO CONSIDER

Generally you must have Medicare Part A and Part B to buy a policy.

You will pay a premium for your Medicare Supplement policy to the private insurance company, in addition to the monthly Part B premium that you pay to Medicare.

Any standardized policy is guaranteed renewable even if you have health problems.  This means th insurance company can't cancel your  Medicare Supplement policy as long as you pay your premiums.

Make sure that you find an agent that will be there to serve you when you need help.  Because the insurance is only as good to you as your agent.

Missouri State Law

In the state of Missouri, every senior citizen that has a Medicare Supplement policy has the right upon the policy's effective date to change insurance companies for whatever reason to purchase a different Medicare Supplement policy.  However, to have a guaranteed issue you have to go from a like plan to another.  For example, going from Plan G to another Plan G of a different company.  You can go to a different Plan letter if you are in good health and can answer the health questions.

So basically this law has proven to be very cost effective for the seniors in the state of Missouri.