New Hampshire Medicare Supplement Plans
Over 20% of the population in New Hampshire has Medicare. Yet, of those people, only 20% have a Medicare Advantage plan.
So, the other 80% of beneficiaries in New Hampshire have a Medigap plan or rely on Medicare for coverage.
We understand finding extra coverage can be time-consuming. That’s why we developed a process that’s beneficial for our clients and effective for our agents.
Instead of you calling every agent in New Hampshire for a quote. You can call our agents and get a quote for all the top companies in New Hampshire.
Let’s take a look at the different plan options and consider which option will bring you the most value.
Medicare Supplement Plans in New Hampshire Explained
The best way to explain is through an example. In the content below we’ll tell you about a client named Frank.
Let’s say Frank has Medicare and Part D. Frank believes his coverage is adequate because Medicare provides inpatient and outpatient benefits.
But, Frank doesn’t realize how much of this is his responsibility. Medicare doesn’t cover the deductibles, coinsurances, or copayments. Frank must pay those.
So, if Frank takes an ambulance to the hospital, he must pay the Part B deductible before Medicare pays its portion of the costs.
Then, if Frank has a hospital admission, he must pay the Part A hospital deductible before Medicare pays its portion of the costs. Also, a $20,000 hospital bill could cost frank a large portion of his savings.
20% of the bill can be higher than most realize. Well, Medigap can pay the deductibles, and coinsurances Medicare leaves you responsible for paying.
New Hampshire Medicare Supplement Plan Eligibility
No matter which state you live in, the best time to enroll in a Medigap plan is during the Open Enrollment Period. It’s during this time that you can enroll in a Medicare Supplement without worrying about underwriting.
In 2021, New Hampshire will begin allowing beneficiaries to change from Medigap to Medigap with the same company without worrying about underwriting. The new legislation will allow beneficiaries to make changes during their birthday month.
New Hampshire Medicare Supplement Costs
The cost varies by situation. Location, pre-existing health conditions, age, and other factors can play a role. Let’s go over some of the quotes we ran for clients in New Hampshire.
These clients are non-smokers and inside the Open Enrollment Period. If you smoke or are older, you could pay more in premiums.
A 65-year-old woman in Manchester can plan on paying around $114 each month for her Plan N coverage. Likewise, that same woman may end up paying more than $135 a month for Plan G benefits.
So, if she’s going to the doctor several times a month, Plan G could bring her more value. But, if she goes to the doctor only several times a year, Plan N could bring her more value.
Now, a 65-year-old man may end up paying more than $130 a month for Plan N or $150 for Plan G. The idea is the same, if you’re going to be using the coverage frequently, you need more insurance.
If you’re not in need of frequent doctor visits, saving money on the premium each month could be more appealing to your situation.
Eligibility for Medicare in New Hampshire for the Disabled under 65
The same legislation allowing beneficiaries to change plans in 2021, will prohibit insurers from charging those under 65 higher Medigap premiums.
The new law will give those under 65 access to Medigap coverage at an affordable rate.
In 2020, the law is not in effect, and policies for those under 65 cost a much higher premium than those over 65. The change is good news for those on Medicare disability in New Hampshire.
New Hampshire Medicare Advantage Plans
Currently, New Hampshire two policies in ten counties that give a 5-star rating. In 2019, only 17% of enrollees in New Hampshire chose a Medicare Advantage plan.
You’ll find that an Advantage policy can cost you anywhere between $0-$125 each month. In comparison to Medigap, these plans do seem much less expensive.
Be sure to choose a plan that carries good ratings. An extensive physician network is also a plus.
If Frank goes on an ambulance ride with an Advantage 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; totaling $2,400.
The benefit of having an Advantage policy instead of Medicare is the benefits of a Maximum Out Of Pocket. The Maximum Out of Pocket is an amount beneficiary can’t pay over in the calendar year.
So, if Frank has a policy with a maximum of $6,700, then the most he can pay in the calendar year is $6,700. When he reaches that amount, the company will pay 100% of services.
Standard Medicare doesn’t offer a Maximum Out of Pocket. 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 Advantage plans include drug coverage. The best drug plan for Frank might not be your best policy option.
Prescription Drug Plans 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.
But, 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.
How to Sign Up for New Hampshire Medicare Supplement Plans
Enrolling in coverage is simple and can be done over the phone.
To get the best rates 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.