New Hampshire Medicare Supplement Plans (Medigap)
Medicare Supplement Plans in New Hampshire protect beneficiaries from high out of pocket expenses. Since Medicare doesn’t cover everything at 100% it’s beneficial to have supplemental coverage.
Beneficiaries that enroll in Medigap will have substantially lower out of pocket expenses. Those that don’t have additional coverage could incur a burden of medical bills.
New Hampshire Medicare Supplement Plans
Let’s say Frank has Medicare and medication coverage. Frank believes his current coverage is adequate because Medicare provides inpatient and outpatient benefits; although, Frank doesn’t realize how much of this is his responsibility.
Medicare only covers 80% of inpatient and outpatient care; also, those benefits only activate after deductibles are met.
So, if Frank takes an ambulance to the hospital he must pay the Part B deductible before Medicare pays it’s 80% of the remaining costs. The Part B deductible is $185 each year.
Then, if Frank has a hospital admission he must pay the $1,364 Part A hospital deductible before Medicare pays it’s 80% of the remaining costs. Also, a $20,000 hospital bill could cost frank a large portion of his savings.
20% of responsibility can be more than most seniors realize. Medigap coverage can pay the deductibles and coinsurances Medicare leaves you responsible to pay.
Eligibility for Medicare in New Hampshire for the Disabled under 65
State laws require insurance companies to offer at least one Medicare Supplement to beneficiaries under 65. Also, insurance companies must charge any under 65 beneficiaries the same amount during the Open Enrollment Period (OEP).
The OEP takes place during the first 6-months of the Part B effective date. Most beneficiaries under 65 will pay a higher amount than those turning 65.
Some beneficiaries will benefit more from a Medicare Advantage (MA) policy. Since MA plans in certain areas are Special Needs Plans, those with a certain disability can qualify for this coverage with a Special Enrollment Period.
New Hampshire Medicare Advantage Plans
MA plans require beneficiaries to follow plan rules, doctor networks and plan limitations. Sometimes the out of pocket expenses ends up costing more than the annual premium for Medigap.
If Frank goes on an ambulance ride with an MA policy he could pay a $400 copayment. Then, if he receives inpatient care at a hospital it could cost him $400 each day for days 1 through 6.
The benefit to having an MA policy instead of Traditional Medicare is that with MA coverage beneficiaries reap the benefits of a Maximum Out Of Pocket (MOOP). The MOOP is an amount beneficiary can’t pay over in the calendar year.
So, if Frank has a policy with a MOOP of $10,000, then the most he can pay out of pocket in the calendar year is $10,000. When he reaches that amount, the company will pay 100% of services.
Standard Medicare doesn’t offer a MOOP, this means beneficiaries could spend tens of thousands of dollars during a year of bad health.
Part D in New Hampshire
Medicare Part D covers medications and some MA plans include drug coverage. The best drug plan for Frank might not be your best policy option.
Prescription Drug Plans (PDP) can be affordable; some plans cost as little as $15 a month and they can cost up to about $120. A person with no medications or certain generics could find savings with the $15 a month policy.
However, let’s say Frank buys the $15 policy thinking he’ll save money. Well, Frank has a brand name prescription that costs him $150 copayment each month on the $15 a month policy.
Let’s say Frank has a Special Election Period that allows him to change his policy. Well, on the $70 a month policy his drug is only a $45 copayment each month.
So, by paying more in premiums Frank saves the most money overall. Also, beneficiaries that delay Part D enrollment will incur a Part D late enrollment penalty.
New Hampshire Medicare Resources
The New Hampshire State Health Insurance Program (SHIP) provides information to beneficiaries and helps by offering more resources.
Everyone with Medicare can benefit from following the CMS Newsroom webpage for information on Medicare topics.
The Best New Hampshire Medicare Supplement Plans
There are 10 plans that make up Medigap insurance. The 10 letter plans stay the same despite carrier, the only difference is the cost. So, coverage for Plan N in Bedford will be the same as a person residing in Concord with Plan N.
Medigap’s top 3 letter plans are Plan F, Medigap G, and Supplement N. The most comprehensive of the plans is Plan F; this policy covers all the gaps in Medicare, leaving beneficiaries with virtually no out of pocket expenses.
Plan G offers slightly less coverage; the beneficiary will be responsible for the Part B deductible, which is only $185 for the year.
Next, Plan N could save beneficiaries money in premiums since the out of pocket expense risk is a little higher. Although, for health beneficiaries with little health risk, this policy could be the most ideal.
The best way to understand the most suitable coverage for your needs is to consult an insurance broker; our agency is here to walk you through every step of the way, and even answer questions long after your policy is active.
New Hampshire Medicare Supplement Plan Eligibility
The OEP is a 6-month period that allows beneficiaries Guarantee Issue (GI) rights. One of the benefits of enrolling with the GI is that you automatically qualify for Medigap insurance.
This is great for a number of reasons, but mainly if those with pre-existing medical conditions can enroll without paying a higher premium or risk receiving a denial letter. Coverage will be a guarantee!
This is the best time to enroll in Medigap coverage; you’ll get the best premium on the best policy. Although Medigap doesn’t follow the Annual Enrollment Period (AEP) guidelines; beneficiaries can select a Medigap policy whenever and outside of GI rights underwriting is a requirement.
Medigap Premiums in New Hampshire
Attain age policies are the most common type of policy in NH. These policies increase in premium as you increase in age. Some companies offer issue-age policies.
Issue age policies increase because of inflation and higher claims years. The issue of age policies usually has lower rates long term.
Our brokers are familiar with which companies have higher rate increases. When selecting a policy, it’s best to choose a policy that will benefit you this year and several years from now.
Sign Up for New Hampshire Medicare Supplement Plans
Traditional Medicare only covers medical costs at 80%; the remaining 20% is your responsibility and it can quickly add up. Medigap covers what Medicare leaves you with; enrolling in Medigap can save you money and headache.
Enrolling in coverage is simple and can be done over the phone.
To get help with New Hampshire Medicare costs call the number above today. You can also compare rates online.
Our licensed insurance agents are available to help with any insurance questions you may have. We walk you through the application and we’re here for you through the life of your policy.