MEDIGAP POLICIES AVAILABLE IN NEW HAMPSHIRE IN 2012
by George Jacobs, author of Managing Your Medicare, published by Self-Counsel Press
I am doing an extensive analysis of the Medigap (Medicare supplement) policies currently available to Medicare beneficiaries. This is because the structure of new policies available to beneficiaries changed in June of 2010, and by now there is enough information to give some guidance on both the availability and prices of the newly structured policies. There is no need to go into explaining the new structure; this is all spelled out in Managing Your Medicare, on page 157.
What I have available here is information, for those age 65, which is when most beneficiaries get a Medigap policy, on the number of policies available, the lowest priced one available, the highest priced one available, and the average price. Even better, this information is given for each policy type. Also, there is a quick comparison of the average price of each policy type to type “A”, the “basic” policy, so you can easily determine roughly how much more or less the policy type you are looking at compares to the basic one, or indeed, to any other policy type. Note that the information is given first for females and then for males. All this is harder to explain than it is to show.
All this information comes from the very helpful New Hampshire Insurance Department’s website, www.nh.gov/insurance/consumers/documents.pdf, which has more detailed information on these policies.
Again, remember that for each policy type, the benefits are exactly the same no matter who sells it, and you should aggressively look for the best price. You will note some differences in prices for the same policy type; and some of this may be due to restrictions, for example, a policy may not cover a pre-existing condition for a period of time. But mostly it appears just to be different prices for the same benefits. Also please understand that the prices shown here and what you are quoted may vary because of how and how often you pay your premium, if you smoke, etc. The dollar amounts shown below are the rounded monthly cost of the policies.
Medigap Policies – Females – Age 65 – New Hampshire
(NOTE: The prices for these run roughly about 15% more for a beneficiary age 70, and 30% more for a beneficiary age 75.)
Policy A:
The lowest price available is $85, the highest is $144, and the average is $122.
This is the “basic” policy. Some 15 different companies offer these.
Policy B:
The lowest price available is $127, the highest is $177, and the average is $152.
On the whole, these cost about 24% more than Policy A. 4 different companies offer these.
Policy C:
The lowest price available is $159, the highest is $206, and the average is $183.
On the whole, these cost about 50% more than Policy A. 5 different companies offer these. This policy is popular.
Policy D:
Only one policy is available; it is $194, or 59% more than Policy A.
Policy F:
The lowest price available is $149, the highest is $207, and the average is $178.
On the whole, these cost about 46% more than Policy A. 15 different companies offer these. These cover all Medigap benefits and are popular.
Policy F – High Deductible:
The lowest price available is $41 the highest is $70, and the average is $55.
On the whole, these cost about 55% less than Policy A. 4 different companies offer these. The deductible in 2012 is $2,070.
Policy G:
The lowest price available is $133, the highest is $195, and the average is $156.
On the whole, these cost about 27% more than Policy A. 8 different companies offer these.
Policy K:
The lowest price available is $62, the highest is $105, and the average is $81.
On the whole, these cost about 34% less than Policy A. 4 different companies offer these. This is the 50% catastrophic policy. The catastrophic level for this policy in 2012 is $4,660.
Policy L:
The lowest price available is $89, the highest is $134, and the average is $115.
On the whole, these cost about 6% less than Policy A. 4 different companies offer these. This is the 75% catastrophic policy. The catastrophic level for this policy in 2012 is $2,330.
Policy M:
The lowest price available is $116, the highest is $147, and the average is $131.
On the whole, these cost about 8% more than Policy A. 3 different companies offer these. This policy is very new.
Policy N:
The lowest price available is $98, the highest is $167, and the average is $125.
On the whole, these cost about the same as Policy A. 11 different companies offer these. This policy is very new, but more and more companies are offering it.
Medigap Policies – Males – Age 65 – New Hampshire
NOTE: The prices for these run roughly about 15% more for a beneficiary age 70, and 30% more for a beneficiary age 75.)
Policy A:
The lowest price available is $85, the highest is $149, and the average is $131.
This is the “basic” policy. Some 15 different companies offer these.
Policy B:
The lowest price available is $127, the highest is $204, and the average is $164.
On the whole, these cost about 25% more than Policy A. 4 different companies offer these.
Policy C:
The lowest price available is $159, the highest is $237, and the average is $196.
On the whole, these cost about 49% more than Policy A. 5 different companies offer these. This policy is popular.
Policy D:
Only one policy is available; it is $223, or 70% more than Policy A.
Policy F:
The lowest price available is $155, the highest is $238, and the average is $191.
On the whole, these cost about 46% more than Policy A. 15 different companies offer these. These cover all Medigap benefits and are popular.
Policy F – High Deductible:
The lowest price available is $45 the highest is $73, and the average is $59.
On the whole, these cost about 55% less than Policy A. 4 different companies offer these. The deductible in 2012 is $2,070.
Policy G:
The lowest price available is $144, the highest is $224, and the average is $171.
On the whole, these cost about 31% more than Policy A. 8 different companies offer these.
Policy K:
The lowest price available is $62, the highest is $109, and the average is $87.
On the whole, these cost about 33% less than Policy A. 4 different companies offer these. This is the 50% catastrophic policy. The catastrophic level for this policy in 2012 is $4,660.
Policy L:
The lowest price available is $89, the highest is $152, and the average is $124.
On the whole, these cost about 6% less than Policy A. 4 different companies offer these. This is the 75% catastrophic policy. The catastrophic level for this policy in 2012 is $2,330.
Policy M:
The lowest price available is $116, the highest is $160, and the average is $140.
On the whole, these cost about 7% more than Policy A. 3 different companies offer these. This policy is very new.
Policy N:
The lowest price available is $98, the highest is $192, and the average is $135.
On the whole, these cost about the same as Policy A. 11 different companies offer these. This policy is very new, but more and more companies are offering it.
If you email me at gjacobs23@windstream.net, I will send you a one-page Excel spreadsheet giving additional details.
No comments:
Post a Comment