If you’re looking for Medigap plans New Hampshire offers, you’re in the right place. In the Granite State, Medigap plans help fill gaps in Original Medicare, providing extra financial security and peace of mind. Finding the right plan for your healthcare needs is essential to ensure you have comprehensive coverage.
For over 12 years, I’ve helped people in New Hampshire navigate their Medicare options with confidence. In this guide, we’ll explore the different Medigap plans available, compare costs, and ensure you have the information needed to make an informed choice.
Table of Contents:
- Medigap Plans: Supplementing Your Original Medicare
- FAQs About Medigap Plans New Hampshire
- Conclusion
Medigap Plans: Supplementing Your Original Medicare
Let’s get this straight – Original Medicare is great, don’t get me wrong. But, it doesn’t cover everything. You still have to worry about copayments, coinsurance, and deductibles.
This is where Medigap steps in. Medigap plans are designed to fill in those coverage gaps, picking up the tab for costs Original Medicare doesn’t handle.
They are offered by private insurance companies to help manage healthcare costs and ensure access to necessary medical care. However, remember medigap plans new hampshire don’t work with Medicare Advantage plans; they only work with Original Medicare. Medicare beneficiaries often face the choice between Medigap and Medicare Advantage, each with its pros and cons.
Why Do I Need Medigap?
Imagine this: You need a hip replacement. Original Medicare would cover most of it, sure. But you’d still be responsible for copayments and coinsurance, which could add up to thousands of dollars. That’s a big hit to anyone’s finances.
Medigap, however, swoops in and covers many of those extra costs, acting as your personal healthcare cost cushion. This provides financial protection for various medical services and expenses, helping make your healthcare costs more predictable.
However, it’s important to keep in mind that medigap plans don’t cover everything. For instance, they typically don’t cover things like long-term care, vision or dental care, hearing aids, or private-duty nursing. If those extras are important to you, explore a Medicare Advantage Plan that often includes extra benefits that Original Medicare doesn’t have. Carefully consider the potential disadvantages of Medicare Advantage and Medigap plans before making a decision.
Different Medigap Plans Explained
There are different types of Medigap plans available in New Hampshire, each labeled with a letter, Plans A through N. Each plan offers a different set of benefits, from basic coverage (like Plan A) to more comprehensive options (like Plan G, now popular since Plan F isn’t available to new Medicare enrollees). Keep in mind: Monthly premiums will differ based on plan benefits.
To help you compare, take a look at this handy table:
Compare Medigap Plan Coverage
Medigap Benefits
| Plan A | Plan B | Plan C | Plan D | Plan F* | Plan G* | Plan K | Plan L | Plan M | Plan N | |
|---|---|---|---|---|---|---|---|---|---|---|
| Part A coinsurance and hospital costs up to an additional 365 days after Medicare benefits are used up | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Part B coinsurance or copayment | Yes | Yes | Yes | Yes | Yes | Yes | 50% | 75% | Yes | Yes*** |
| Blood (first 3 pints) | Yes | Yes | Yes | Yes | Yes | Yes | 50% | 75% | Yes | Yes |
| Part A hospice care coinsurance or copayment | Yes | Yes | Yes | Yes | Yes | Yes | 50% | 75% | Yes | Yes |
| Skilled nursing facility care coinsurance | No | No | Yes | Yes | Yes | Yes | 50% | 75% | Yes | Yes |
| Part A deductible | No | Yes | Yes | Yes | Yes | Yes | 50% | 75% | 50% | Yes |
| Part B deductible | No | No | Yes | No | Yes | No | No | No | No | No |
| Part B excess charge | No | No | No | No | Yes | Yes | No | No | No | No |
| Foreign travel exchange (up to plan limits) | No | No | 80% | 80% | 80% | 80% | No | No | 80% | 80% |
| Out-of-pocket limit** | N/A | N/A | N/A | N/A | N/A | N/A | $6,620 | $3,310 | N/A | N/A |
* Plans F and G also offer a high-deductible plan in some states.
I know it seems like alphabet soup. It’s important to look closer and see which plans cover what you value. There are some popular choices: Plan G offers similar benefits to Plan F but doesn’t cover the Part B deductible, which you would pay yourself before Plan G kicks in.
I’ve found many find it’s a good balance between coverage and premium cost, but you might like High Deductible Medicare Supplement Plan G. Plan N strikes a balance, covering many key costs but at lower premiums. This makes it tempting for those watching their wallets closely.
You would have copays for certain things. It comes down to how much peace of mind you’re after and what fits your budget. The enrollment period is a crucial factor in securing your preferred Medigap plan, especially if you have specific healthcare needs.
Can I Be Denied a Medigap Plan?
Sadly, it can be tougher to get Medicare supplement insurance approved if you have pre-existing health conditions. New Hampshire has what’s called a guaranteed issue right. This applies if you enroll during your six-month Medigap Open Enrollment Period.
If you sign up during this window you can’t be turned down for Medigap plans based on your health. To learn more, read our blog about why you can be denied a Medicare Supplement Plan. But what if you’ve been on Medicare for a while and want to switch Medigap plans?
At that point, insurance companies can check your health and decline you based on pre-existing conditions. Medigap enrollment requires you to understand the deadlines for various coverage. If you want to switch plans down the line it’s best to work with an insurance professional.
New to Medicare or Turning 65?
Enrolling in Medigap right when you’re first eligible for Medicare (age 65 for most of us) is wise. You get that six-month open enrollment period where health doesn’t matter.
This enrollment period begins when you enroll in Parts A and B of Medicare. You are first eligible for a Medigap policy after you turn 65 and have enrolled in Medicare Part B, however you must have enrolled in Part A too. To find out the details of enrollment, check out Medicare enrollment.
For a good comparison of the various Medigap plans and which might be best for your individual situation, consider learning more from how to compare Medigap policies.
I’ve found waiting too long is a common mistake, I see it all the time. It’s best to not wait. The insurance companies can consider your health history after that guaranteed period, and that’s where potential denial based on pre-existing conditions comes in.
If you’re a new Medicare beneficiary, get yourself a Medigap plan right away to maximize your healthcare coverage and avoid higher costs in the future. Plus, enrolling during the six-month window lets you snag cheap Medicare supplements.
Finding the Right Plan in the Granite State
New Hampshire has resources to help seniors find a Medigap plan. In October of 2020, the state created a handy online comparison tool. There were 19 different insurance companies offering plans.
As you probably already know, insurance can feel overwhelming. To get help from licensed insurance brokers use this page to compare Medigap plans.
Some plans might not cover certain medical conditions right away if you have them when you enroll. It can feel a lot to sort through this yourself. This is why I recommend connecting with New Hampshire’s State Health Insurance Assistance Program (SHIP) or their Insurance Department (Website).
SHIP counselors, located in the state’s Aging & Disability Resource Centers, know all about Medigap. SHIP even has workshops. You can get help navigating medigap plans new hampshire. Choosing a Medigap plan often involves understanding terms like deductibles, coinsurance, and out-of-pocket maximums, all of which impact your financial responsibility for healthcare.
Understanding the Costs
Choosing medigap plans new hampshire is about balancing benefits, cost, and what feels right for your medical needs. Plan costs are affected by the plan’s benefits, your age, and location in New Hampshire. The price also depends on the insurance company you pick.
Here’s a scenario I’ve seen many times: Plan G for a 65-year-old woman who doesn’t use tobacco in the zip code 30301 (Atlanta) has monthly premiums ranging from $140 to $317.
Think through your individual budget. Do you want to pay a higher monthly premium for less cost when you get medical care? Would you rather pay less each month but have some copays or deductibles later on?
To explore further you can compare the top Medicare Supplement plans nationwide. Or for those wanting less expensive cheap Medicare Supplements, explore that. Maybe you want to focus on High Deductible Medicare Supplement Plan G so you can better predict your budget. Whatever your concerns, MedicareWire has a large number of articles about medigap plans new hampshire and elsewhere in the U.S.. Prescription drug coverage is a crucial aspect of healthcare, and you’ll need to explore options like Part D plans to supplement your Medigap coverage.
Choosing Medigap for Disabled New Hampshire Residents
New Hampshire is a beautiful state but this one is unfortunate for folks on Medicare due to disability before 65. Most states try to ensure people on disability also have some options for medigap plans new hampshire. But in the Granite State, there’s no requirement for insurance companies to offer Medigap plans to people on Medicare who aren’t yet 65 (source). So for folks who got on Medicare this way your Medigap plan choices are super limited.
If you’re under 65, finding affordable health insurance options that meet your needs is essential, but be sure you fully understand your Medicare glossary as you work to ensure comprehensive healthcare coverage. To find the best plans for you, be sure to thoroughly explore all the supplemental Medicare options that are available. You may need to look beyond Medigap for supplemental coverage. It’s important to familiarize yourself with the various Medicare plans, including Medicare Advantage and its advantages and disadvantages, to make informed decisions about your coverage.
FAQs About Medigap Plans New Hampshire
FAQ 1: What is the downside to Medigap plans?
Medigap plans, while beneficial, do come with a few downsides. For instance, they may have higher monthly premiums than Medicare Advantage. This can be a disadvantage for those with limited budgets.
Secondly, medigap plans new hampshire typically don’t include additional benefits like vision, dental, or prescription drug coverage. This may require you to purchase separate coverage for these services.
Lastly, Medigap can restrict your provider choices. While Medicare Advantage usually limits you to doctors in their network, a Medigap plan covers you if the doctor takes Original Medicare. To learn more about these differences, compare the popular Medicare Supplement plans. When evaluating healthcare costs, consider factors such as monthly premiums, deductibles, copays, and out-of-pocket maximums.
FAQ 2: What is the most popular Medigap?
Though no longer available for those enrolling after January 1, 2020, Plan F had been the most popular plan nationwide until Plan G overtook it in 2021. It covers all of the most common “gaps” in Original Medicare.
It is no surprise then that nearly 45,000 New Hampshire seniors enrolled in Plan F. Medicare Plan N has gained in popularity thanks to its lower premiums.
Plan N, though more affordable than the other popular option Plan G, doesn’t pay 100% of all medical bills, making it a cost-sharing plan. It will pick up the cost of your Part A deductible, but leaves you to cover a portion of the Medicare Part B deductible. However, Medigap insurers are not required to offer these plans to disabled Medicare beneficiaries who are under 65. A supplement review can provide valuable insights into the various Medigap options available and help you choose a plan that aligns with your budget and coverage needs.
FAQ 3: What is the average cost of a Medicare Medigap plan?
Medigap plans vary in average costs depending on your age, plan selection, and zip code. While there’s no simple “average cost” I can give you, monthly premiums can range from $100 to $317. I see many variations across New Hampshire based on your region and how old you are. Plus, rates change.
A 65-year-old woman could potentially see premiums from $140 to $317 for Plan G, which is one of the best Medicare supplement plans available. A great way to get a better sense of what to expect for costs is to contact your insurance broker and compare supplemental Medicare plans.
FAQ 4: What does Medigap not pay for?
While Medigap offers great supplementary coverage for Original Medicare, you’ll still have to purchase separate coverage for some common things. These include Part D prescription drug coverage, long-term care, dental care, vision care, hearing aids, and private-duty nursing. Many Medicare beneficiaries are on Medicare because they’re disabled, meaning their medical costs are higher on average than those over 65.
This is why for many disabled seniors and their families, balancing affordability and cost coverage is a huge concern when comparing Medigap and Medicare Advantage. Understanding the concept of excess charges is crucial when considering Medigap plans, as it can significantly impact your out-of-pocket expenses for healthcare.
Conclusion
Deciding on medigap plans new hampshire is a significant step in securing your healthcare future. With a bit of research and understanding, you’ll be on your way to picking the plan that’s the best fit.