Medicare Supplement Plans
Many people in New Hampshire opt for Medicare supplement insurance – sometimes called, “Medigap” insurance. This helps to fill the “gaps” in the coverage you receive from your basic Medicare coverage. While there are ten different plans available in New Hampshire, Plan G is the most popular*. Monthly premiums are based on your age at enrollment and your gender.
Plan G covers the 20% not covered by Medicare except for the Part B deductible. This amount can vary as it is set by the federal government annually. Once you’ve met the annual deductible, you will not see another bill. With a fixed monthly premium, you can clearly anticipate your annual healthcare expense. A Plan G does not limit you to a network, allowing you to see any doctor in any hospital in any state in the country.
Medicare Supplements do not cover prescription drugs so you will need a separate Part D Prescription Drug Plan
*Plan F and Plan N can sometimes be interesting alternatives to Plan G, however the premiums currently outweigh the benefits so we will rarely recommend these plans at this time. Plan F is only available to those who had Medicare prior to 2020.
Think of this as prescription drug coverage. We don’t need to tell you how costly prescriptions can become as often the sheer number of medications can skyrocket as we age. We can help you understand when to enroll, and which plan would offer you the most coverage based on your needs.
It’s important to note that with Part D plans, you have three months from your 65th birthday to apply without incurring a penalty from Medicare. Otherwise, you will pay a 1% penalty for each month you put off the purchase of a plan. For example, if you went twelve months without buying a prescription plan, it would cost you 12% more a month to buy a Part D plan a year from now (two years, 24%, etc.). The penalty is non-forgiving, meaning that you pay the penalty for the rest of your life. Additionally, you can only buy the plan you want during the open-enrollment period, which occurs between October 15 and December 7 of any year. That plan would then become effective on January 1 of the following year. You may already have prescription drug coverage from another source, and we can help you learn if this coverage will be enough to avoid the penalty.
A Medicare Advantage Plan is also known as Medicare Part C. Part C replaces your Original Medicare and allows private health insurance companies to provide your healthcare. Think of this as an HMO, PPO type of plan that you may have had through an employer at some point. This plan gives you extra “leg room” with Parts A and B. Some Advantage Plans also can help you afford your prescriptions and may offer limited dental and vision benefits. At the Lenny Dobens Agency, we can help sort through these options to help you decide if this type of coverage is right for you.
An Advantage Plan usually has a $0 monthly premium, but will have expenses in the form of copays and coinsurances. You can lower your out of pocket costs by seeking care within a network of providers. We work with Advantage Plan companies on your behalf to help you find the plan best suited to your needs.