Medicare insurance is a federal medical insurance program created to provide senior citizens living on a fixed income with inexpensive health coverage. Original Medicare consists of Part A, which typically covers hospital visits, and Part B, which deals with doctor visits and outpatient procedures. Sadly, Medicare doesn’t cover every single procedure, and the expensive gaps in Original Medicare coverage which are present now could lead to catastrophically high medical bills if you aren’t insured. One cost-effective solution to this dilemma is to purchase supplemental coverage via a Medicare supplemental insurance (a.k.a. “Medigap”). Policy. If you’re at least 65 years of age and currently signed up for Medicare, you’ll be able to sign up for a Medigap policy.
Federal Regulations for Medicare Supplements
The Centers for Medicare and Medicaid Services (CMS) are accountable for overseeing Medicare supplement plans. This helps make sure that, of the 10 offered plans, all insurance companies in all 50 states supply the exact same plans and coverage options. In this way, the only difference from one insurance company to another is the price of your monthly premium.
Medigap Enrollment In New Hampshire
Plan F doesn’t have quite as high of a majority as it does in other states, but it is still the most popular plan among senior citizens in New Hampshire. Plans C and N are also fairly popular, and available for purchase right now.
Plan Coverage & Cost
The cost for any Medicare supplemental insurance policy depends on a number of variables. Your state of health is a big component, and your fee can change according to things like your tobacco habits, how old you are, and gender. Your price may also be dependent on your geographical area, right down to your county and local zip code.
If you are a good health insurance candidate, it’ll be much easier to find an affordable premium for Medicare Supplement (Medigap) insurance. Being younger helps, as well as being generally healthier and quitting any unhealthy habits you may have, such as smoking. Living in the right area helps too, because living near certain health insurance providers can get you affordable quotes like the ones you see below:
Most Popular Medicare Supplement Plans in New Hampshire
Undoubtedly, Plan F is easily the most common choice in New Hampshire with well over 33,000 individual seniors enrolled. This is no coincidence; Plan F is the only Medigap plan which covers 100% of Medicare’s gaps. Unfortunately, this also makes Plan F the most expensive of all the other available options.
However, for some New Hampshire seniors, Plan N is the more sensible option. Pan N doesn’t cover the Part B deductible or Part B excess charges. It also requires golden-agers to pay co-pays for Part B coinsurance. But if you believe that paying these expenses out of pocket, should they occur, is cheaper than paying more for Plan F, then it may be your better option.
How do Medicare Plan Ratings Work?
We use a universal 5-star system Medicare created to evaluate companies which is updated annually. Medicare analyzes these companies in a multidimensional manner. First, they look at financial strength, stability, customer service, and claims filing, just to name a few. Medicare also looks to make sure the company knows how to manage their customers’ healthcare needs. The companies who succeed at these tasks the best will get the maximum five-star rating.
Helpful Medigap Tips & Tricks
Doctor/Provider Network Restrictions
Do you love to vacation? Do you migrate yearly as the seasons change? Do you live in a rural area, or is there a general lack of variety in regards to health care providers in the area? Then you could possibly be happier with a Medicare supplement policy. Sure, there are other ways to supplement your Medicare coverage gaps, but few of them provide the freedom that Medicare supplemental insurance does. With Medigap insurance, you are free to receive treatment from virtually any facility and any physician which will take Medicare.
Did you know that your Medicare Supplement insurance policy will be automatically accepted at any doctor or facility which accepts Medicare assignment? It’s true! If the medical care you want works with Medicare and agrees to pay certain prices while also handling your claims for you, then you don’t need to worry. Just pay your monthly Medigap premiums, along with whatever you and your insurance company have agreed on with regard to deductibles, coinsurance, or co-pays.
Drug, Vision and Dental Coverage
A result of the 2010 reform legislation pointed out earlier, Medigap plans in New Hampshire no longer cover prescription drug benefits. Nevertheless, you can get your prescriptions covered by signing up for Medicare Part D, which was specifically designed for Prescription drug benefits. Moreover, vision and dental coverage are omitted from Medicare and Medicare supplemental insurance coverage. If you require vision and dental coverage, you should invest in a separate policy via a private company.
Enrollment Options & Best Time To Enroll
For easy enrollment with little to no hassle, you’ll want to enroll in a Medicare supplemental insurance policy right around the time you register for Medicare (within your first 6 months of Medicare coverage, to be specific). The more you delay, the more difficult the process can get.
- Initial Enrollment Period: Within your first 6 months of enrolling in Medicare, you can also enroll in a Medicare supplement policy with automatic acceptance and zero health questions asked.
- Guaranteed Issue: You will be automatically approved, no matter your health status. This sort of enrollment occurs generally if you are losing an employer or group health plan and find yourself in abrupt need of alternative coverage.
- Annual Enrollment Period (AEP): Medicare supplement enrollment isn’t restricted by Annual Enrollment Periods the way in which other insurance coverage is, so go ahead and enroll at any time.
- Underwritten: The underwriting process happens when your chosen health insurance company records data regarding your health history and ascertains whether or not you can get insurance coverage under a Medicare supplement policy.
Free Look Period
The free look period safeguards seniors like you from being saddled with a Medigap plan which isn’t going to suit your needs. Inside your first 30 days of buying a new plan, you’re free to decide if you should maintain your coverage, or terminate it without being financially responsible. Any upfront costs you pay within your first 30 days will be returned for those who decide to stop your coverage.
What Medigap Plan Is Best For Me?
Finding the right Medigap insurance plan starts with finding the right Medigap provider. We have a convenient database of providers who are operating out of your zip code right now. We can connect you to some of the best companies who are offering affordable rates along with excellent customer service.
We can also help you decide which one of the 10 available Medigap plans will work best for you. Each plan provides different levels of coverage, but it can be very difficult to change plans once you choose one. And this plan will be with you for as long as you choose to carry the policy – so you need to take an honest inventory of your medical needs before you make your decision.