New Hampshire Medicare Supplement
Finding supplemental insurance for senior citizens is quite easy as there are plenty of providers across the country. However, getting the right mix of benefits that will support one’s health as one ages, plus meeting one’s budget for monthly premium payments, can be tricky. New Hampshire is home to hundreds of facilities dedicated to people in their twilight years, but the real question is: can you afford it?
In the discussions on what senior citizens need, Medicare and Medicare Supplement (Medigap) plans are the most popular topic. While there are other private products available, it appears that the ones that are standardized and regulated by the federal government are the most preferred. Both insurance products are the state’s way of ensuring that all seniors in any part of the country are getting the basic levels of healthcare and cost assistance. This is why although Medigap plans are sold through private companies, their mix of benefits are uniform anywhere. New Hampshire is no exception.
Number of Senior Citizens in New Hampshire
Latest published Census.gov figures on New Hampshire show that 14% of the state’s total population in 2014 consist of senior citizens, of which 27% are living alone. Majority are living with family while some live in group quarters or with non-relatives. Current demographic research shows that the rise in their numbers is continuing, projecting a 129% rise in those aged at least 65 years old and a 243% surge in those aged at least 85 years by 2040.
New Hampshire has plenty of programs in place to benefit its senior residents, including old age assistance, prescription drugs, emergency assistance, housing services, development services, Medicare, Medicaid, and more. Medicare Supplements are also provided across various private insurance companies, thus giving a lot of options for the elderly to obtain support in terms of caring for their health.
In terms of the price of Medicare Supplement plans, New Hampshire belongs to the middle range, with an average monthly premium of $142 (or $1,704 annually). The actual price of policies can go higher or lower, depending on which company you choose, so be sure to shop around and compare offerings first before signing up with a provider. To compare, the highest average of $162.25 per month is recorded for Massachusetts, while the the lowest average of $109.16 per month is logged for Hawaii.
Medigap Plan Benefits
Purchasing a Medigap policy is an important decision and you have to make sure that you are getting what you truly need and not just going for the most comprehensive one just because it has everything. Because at this age most Americans will no longer have a regular source of income, one can’t just quickly go for the most expensive option. In addition, people have different needs when it comes to healthcare. This is why there are 10 Medicare Supplements available, all of which are government-standardized. The level of coverage varies according to the plan but the basic inclusions are as follows:
– Medicare Part A coinsurance or copayment
– Medicare Part B coinsurance or copayment
– Skilled nursing facility care coinsurance
– Part A deductible
– Part B deductible
– Part B excess charges
– Blood (first 3 pints)
– Foreign travel emergency costs (up to the plan’s limits)
Medigap plans do not cover vision and dental care, long-term care (as with a nursing home), eyeglasses, hearing aids, and private duty nursing. If you wish to avail of such services, you will need to purchase a separate policy from your private insurance provider.
How Medicare Supplements Are Priced
Knowing how Medigap plans are priced is important to making a decision on which policy to buy. You might be attracted to a low-cost plan now, but could be surprised that its monthly rates increase as the years go by. There are three general pricing schemes that insurance agencies follow with Medigap products: Community-rated, Age-attained-rated, and Issue-age rated. Community-rated is charged to everybody who owns a Medicare Supplement policy regardless of age or gender. Age-attained-rated is based on your current age and will go up as you get older. Issue-age-rated is based on the age you are when you purchased the policy and will not increase as you age (not including inflation and other economic factors).
Comparing the Cost of Medigap Plans
There can be huge differences in the price per month for exactly the same policy, depending on where you are located and the insurance provider selling it. In New Hampshire, the average monthly cost of Medigap as of 2018 is $142 (or $1,704 annually). This rate can go higher or lower. The U.S. state with the highest per month average is Massachusetts at $162.25 per month.
If you want to find out which insurance providers sell Medicare Supplements in New Hampshire, you can check out the official Medicare website for the list of accredited agencies. After that, you can start comparing costs, benefits and payment schemes based on your past or current health status and budget. Some companies offer special discounted rates for non-smokers, women, and couples. Others offer bulk pricing if you pay annually or if you purchase multiple policies from them. There are also some companies that let you pay lower rates if you choose to pay via electronic funds transfer.
Have Questions About Medicare Supplements in New Hampshire?
The many details surrounding Medigap plans can be overwhelming, but choosing the right one doesn’t have to be stressful. Our team of expert and licensed advisers are happy to walk you through the entire selection and buying process, to ensure that you maximize your benefits and still stay within your budget. Don’t hesitate to get in touch with us at 1-800-791-0150 .
