Offering the best Medicare supplement insurance in NH for over 60 years.
If you’re confused about the various New Hampshire Medicare supplement insurance plans available to you, you’re not alone. With all the choices, it can seem a bit like alphabet soup. At The Lenny Dobens Agency, we help take the guesswork out of the process, work with you one-on-one to find out what your needs are, and help you find the best “bang for your buck.” We pride ourselves on helping our clients find substantial savings as we help identify the most affordable rates available on the market today.
In the meantime, here’s the low-down on what you need to know when shopping for Medicare supplement insurance in New Hampshire.
Medicare Plans – from (alphabet) soup to nuts.
When you turn 65, the original Medicare plans that are provided to you by the federal government are divided into two parts:
Medicare Part A
This plan will take care of you if you are hospitalized, or need a skilled nursing facility, hospice or a period of care in your home. There is an annual deductible that must be met for a Medicare Part A. This amount may vary year to year. Part A does not cost you anything as you have been paying for it in taxes during your entire working life.
Medicare Part B
Think “doctor’s visits” and “medical expenses”
This covers about 80% of your doctor’s visits or any care you receive as an outpatient, including medical supplies and preventative services. Medicare Part B also has a deductible that varies year to year. Part B has a monthly premium and the Social Security office can help you understand what your premium will be.
To cover the costs not paid for by Medicare Part A or B, many people look for a way to fill in the gaps. There are a couple of options to help with healthcare costs not covered 100% by Medicare Part A and Part B.
At The Lenny Dobens Agency, we’ve got you covered.
There are several major insurance carriers that provide NH Medicare supplement insurance, Advantage plans (Part C) and Medicare Savings Accounts (MSA). We work with these companies on your behalf to help you find the best rates for you.
Medicare Part C
One option is a Medicare Part C, also known as a Medicare Advantage Plan. 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 offer 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.
Medicare supplement plans
Alternatively, 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 F, G and N are the most popular. Click here for this year’s rates.
- Plan F- Think the “whole kit-and-kaboodle!”. This plan pays for the deductibles for both Part A AND Part B, to ensure you incur no out-of-pocket expenses whatsoever. Many of our clients find great peace-of-mind with a Plan F supplement as it takes care of it all – with no worries on your end! Once you pay your monthly premium, you will never see another bill for a Medicare-approved service. This plan will not be available to those who are newly eligible for Medicare in 2020.
- Plan G- This covers everything a Plan F covers except for the Part B deductible (which varies from year to year). This amount is set by the federal government every year, and is more likely to go up than go down. The difference in monthly premiums between an F and a G still offsets the Part B deductible. Once you’ve met that annual deductible, your plan behaves like a Plan F. In 2020, a High Deductible Plan G is available.
- Plan N- Like a Plan G, the Plan N does not cover the Part B deductible. It also does not cover “excess charges”, and has some copays for office visits and ER visits that do not result in an admission. The monthly premiums for a Plan N can make it a financial no-brainer in some cases.
And finally, an important note. By law, every supplement with every company is exactly alike. There is absolutely no need to ever pay more for one company’s plan over another. We will give you all the costs for each company’s plans and YOU can decide which company you wish to work with.
* A note that deductibles are set by the federal government and are subject to increase each year.
Medicare Savings Accounts (MSA)
Brand new for New Hampshire in 2021, a Medicare Savings Account gives you more control over how your health care dollars are spent. An MSA is a high deductible health plan administered by Lasso Healthcare. You choose between one of two different high deductibles and are responsible for health care costs up to that amount. After you reach your deductible, your Medicare covered expenses will not cost you anything. To get you started, Medicare sets up an interest-bearing bank account for you and deposits a chunk of change into it. You can use this money for anything, but only Medicare related expenses will count towards your deductible. Any money not used will roll over annually at which time Medicare will make another deposit.
Like a Medicare Supplement you may see any provider you wish, and like a Medicare Supplement, you will need a separate drug plan. However, like an Advantage plan, an MSA has a $0/month premium.
Medicare Part D
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.
Other supplement insurance
We also help with those insurance needs that fall through the Medicare “cracks.”
Hospital Indemnity Plans
Hospital Indemnity Plans supplement your existing health insurance coverage by helping pay expenses for hospital stays. Depending on the plan, hospital indemnity insurance gives you cash payments to help you pay for the added expenses that may come while you recover. Typically plans pay based on the number of days of hospitalization.
It’s an unfortunate fact that Medicare supplements do not include dental insurance. At the Lenny Dobens Agency, we are pleased to offer five different levels of dental coverage through Delta Dental. Click here to see your options and enroll online.
We offer vision insurance for individuals and families through VSP. With three different levels of coverage to choose we’re sure you’ll “see” a plan that works for you. Click here to see your options and enroll online.
Final Expense Insurance
It certainly may not be the favorite topic uttered at a cocktail party, but now more than ever, it makes smart financial sense to pre-plan your finances in the event of a death. Final expense insurance is designed to pay for burial and funeral expenses, which can be quite costly. But perhaps what is even more valuable is the comfort it provides to your family members during an emotional time that can be overwhelming.