Before choosing a plan, we want to be sure you know the difference between your many options. In particular, how Medicare Supplements (or Medigap) plans and Medicare Advantage Plans differ. Many people sign up for Advantage Plans thinking they are Supplements, they are not. So, its very important to understand the differences, as it is a long term decision for most beneficiaries in NH.
Medicare Advantage plans: With a Medicare Advantage Plan a private company TAKES OVER for Medicare. With this type of plan, it is important to understand the following. First, most Advantage Plans have "Networks", so you want to make sure your Doctor, Hospital, etc. are within the network (otherwise you may be paying higher costs and in some cases are responsible for 100% of care outside the network). Second, most Advantage Plans have deductibles, co-pays and/or coinsurance associated with them.
Its important to be aware of these because they can add up to be quite a bit of money. Annual out of pocket maximums average between about $5000 and $7000 for individuals with most plans in NH.
Medicare Supplements (Medigap) plans, on the other hand, complement your Original Medicare Parts A & B coverage, covering many of the out of pocket expenses not paid by Medicare. Some attractive features of these plans include the following:
As for Plan D Prescription, coverage will vary with different insurers. Although they are required to be at least as good as the Medicare model, they can vary greatly in costs, co pays and specific drugs that are covered. It is important to check which plans best suit you and continue to check each year because they (like Advantage Plans) do change every year. As there are many plan options available in NH, we suggest that you contact us to run quotes and help you choose the ones that best suit your needs.
Understanding the many plan alternatives, ie. Medigap, Advantage and Part D, with respect to your health needs and budget, are very important and can have long-term consequences. As Independent Agents, we represent many of the top rated insurers in New Hampshire, and can shop for you and provide FREE quotes on your best options. Don't hesitate to contact us at (603) 622-5700 to understand your options and help you find the plans that will work best for YOU!
*For example, with the popular Plan G Medigap plan, the annual deductible is under $200 (in 2020) for Part B/outpatient expenses and NO deductible responsibility for Part A/Inpatient expenses (based on Medicare covered expenses).