New Hampshire may be regarded as the 7th richest state in the US in terms of median household income, and it also has the lowest state poverty rate (9.2%). Yet many residents here apply for New Hampshire Medicare insurance benefits mainly because of its affordability. Not everyone in New Hampshire can afford to pay $542 a month, as this is the average cost of health insurance premiums in the state.
Applicants may obtain the core coverage of Original Medicare from the Medicare agency itself. This is made up of Medicare Part A and Part B. Medicare Part A is typically free, and it covers various hospital services including inpatient care. Medicare Part B usually covers necessary medical services, preventive screenings, and durable medical supplies.
Medicare Part B usually requires a premium, and this is determined by the income of the beneficiary. For those who earn less than $85,000 a year, the premium is only $134 a month. Both Medicare Part A and Part B also include out-of-pocket expenses such as deductibles, copays, and coinsurance.
Some Medicare beneficiaries feel that the Original Medicare coverage has gaps. To fill in these gaps, some private carriers in New Hampshire have been authorized by Medicare to offer Medigap supplemental plans. These require a premium, in addition to the usual premiums required by Medicare Part B.
These Medigap policies can offer additional benefits that are not included in Medicare Part A and Part B. These supplemental plans can cover services that aren’t covered by Original Medicare. They can help cover the cost of deductibles and copays.
A common supplemental plan covers the cost of Medicare prescription drugs. This is so common that it is called Medicare Part D.
If there’s a Medicare Part D, there’s also a Medicare Part C. This refers to the Medicare Advantage Plans that are available from the Medicare-approved private carriers in New Hampshire. They combine the coverage of Original Medicare and Medigap. This provides you with the coverage of Medicare Part A and Part B, with additional coverage for prescription drugs or services not covered in Original Medicare.
These are the programs that can help pay for all or some of the costs associated with Medicare. They are offered by the New Hampshire Department of Health and Human Services. These come with income and resource limits to make certain that the assistance only goes to low-income Medicare beneficiaries.
The program for Qualified Medicare Beneficiaries (QMB) is the most generous. This QMB program covers the premiums for Medicare Part A and Part B, along with the premium penalties for late enrollment. It also covers Medicare deductibles and coinsurance expenses. Those who receive QMB benefits can also still be eligible for New Hampshire Medicaid.
To qualify for the QMB program, an individual can earn a monthly income of no more than $1,032. Married couples need to have a monthly income of less than $1,392.
The next program is for the Specified Low-Income Medicare Beneficiaries (SLMB). This pays for the Medicare Part B premium, but the SLMB may also still be eligible for Medicaid. To qualify, an individual’s income cannot exceed $1,234 a month. A married couple’s combined income should be less than $1,666 a month.
The SLMB135 program is similar to the SLMB program as it pays for the Medicare Part B premium. However, the beneficiary may not be eligible for Medicaid. The income limit for an individual is $1,386 per month, while the combined income limit for a married couple is $1,872.
These QMB, SLMB, and SLMB135 programs also have a resource limit, which includes cash, savings, stocks, bonds, and permanently unoccupied real estate. The limit for a single person is $7,280 while a household with 2 or more persons has a limit of $10,930.
Another program is for Qualified Disabled and Working Individuals (QDWI). This pays for Medicare Part A, as part of the eligibility requirements is that the QDWIs have lost Medicare coverage due to their earnings. To qualify, an individual has an income limit of $4,132 and a resource limit of $4,000. A household with at least two persons is limited to an income of $5,572 and resources of not more than $6,000.
The state has a Medicare Learning Center in each county where Medicare beneficiaries can receive advice and answers to questions about Medicare and health insurance. The counselling services are free and unbiased.