Anniversaries aren’t always about fancy dinners, chocolate, and pretty flowers. It can be about saving your clients’ money too!

Do you have clients that are on a Medicare Supplement plan in Missouri? Did you know that they can switch to another carrier, like plan to like plan for a cheaper premium! It’s true!  Missouri’s “Anniversary Rule” allows members to switch plans EVERY YEAR.

But how does it work?

If a client is wanting to switch their plan, here are the rules to follow:

  • Applications must be submitted during the 30 days before or 30 after the policies effective date.
    • EXAMPLE: Plan has an 5/1 anniversary date:
      • Submit the application from 4/1 thru 4/30 for a 5/1 effective date
      • Submit the application from 5/1 thru 5/31 for 6/1 effective date.
    • Beneficiates can switch from another company’s plan with EQUAL benefits
      • EXAMPLE: Switching from Everest Plan F to Anthem’s Plan F
        • Guaranteed Issued
        • No medical underwriting

What clients cannot do on their Anniversaries:

  • Switch to a plan with LESSER benefits without going through medical underwriting
  • Switch to a plan with MORE benefits without going through medical underwriting

Why is Missouri’s Anniversary Rule Beneficial?

The rule allows clients to “shop” each year for the best price. Since all the plans are federally standardized the coverage is the same with every carrier and most carriers will have a 12-month rate lock, so the history of rate increases shouldn’t be a factor. Thus, making the commitment to a new plan is as simple as picking the best rate!

To make it easier for agents to find the best rates, Hovis & Associates’ offers access to a free online and mobile app quoting tool! Just put in the client’s zip code, age, and effective date and instantly receive quotes from all the companies available.

Not contracted with a carrier that offers the best rate? Give us a call today!  At Hovis & Associates, our motto is to under promise and OVER deliver! Ready to make the move? Contact us at 888-613-6196 to get started! We look forward to working with you!