Insurance

Best Ways To Get Affordable Health Insurance In New Hampshire

New Hampshire is an excellent place. With a robust economy and great quality of life, New Hampshire is ranked no. 2 on the US News and World Report list of best places to live in the United States. 

The cost of health in New Hampshire is slightly lower than the national average. Insuring your health is a wise and prudent thing to do. Health insurance protects you and your family and also safeguards your finances.

In New Hampshire, there are several ways you can get health insurance. Most residents in the state get their coverage from their employers. Many employers offer health insurance coverage to their employees as part of their benefits.

Another way of obtaining insurance if you are self-employed or do not have coverage from your employer is buying directly from private health insurance providers.

You could also get insurance from government-provided programs. They are the cheapest but they are not accessible to every resident in New Hampshire. Only those who meet certain criteria qualify. Below is a detailed explanation of these programs:

Medicaid

This program is the most affordable health insurance plan for eligible residents in New Hampshire. It is free and only individuals with an income 138% below the federal poverty level qualify for this plan. Income level is the only basis of qualification for this plan.

Read also:

Medicare

The Medicare program is also a government-provided program but unlike Medicaid, it is not completely free. Although you still pay some premiums for this plan, it is still cheaper than private health insurance. This program is designed for the elderly( ages 65 and above) and for individuals with qualifying disabilities.

The Medicare plan is divided into three parts:

  • Part A 

This part is called hospital insurance and it covers medical costs from hospice care, inpatient hospital stays, and some types of home health care. This part is usually free.

  • Part B: 

This is medical insurance and it requires payment but your premium cost depends on your income. This part covers medical costs arising from outpatient care, vaccinations, preventive services, some doctor services, and medical supplies

Part D: 

Part D is also called prescription drug insurance. Monthly premiums in this part depend on the plan you choose. It pays for prescription drugs and vaccines.

Some Factors Affecting Premium Costs In New Hampshire

There are some factors that affect the rates you pay monthly on health insurance. Health insurance providers use these factors when calculating the amount you pay and they can either raise or lower your premium costs. Some of these factors are stated below:

Age

This plays a key role in determining your monthly premium cost. The amount you pay on health insurance in New Hampshire is directly proportional to your age. Older people are charged higher because they are more likely to need medical attention.

 Smoking Habit

Smoking is injurious to health and typically smokers pay more on health insurance compared to non-smokers.

As a resident in New Hampshire looking for ways to cut costs on health insurance, quitting the habit would be a great way to start. It saves you extra cash and also improves your health in total.

Occupation

Your rates are also determined by your occupation. Different occupations come with their individual hazards and dangers. Residents who are more ex[osed to hazards pay more on health insurance in New Hampshire.

Body Mass Index

Body mass index is a measure of a person’s weight with respect to weight. A BMI is dangerous and detrimental to health. It exposes an individual to diseases like hypertension, diabetes, and osteoarthritis.

Health insurance carriers charge people with a high BMI more to insure their health.

Type Of Plan You Choose

Different plans offer different coverage policies and also have varying premiums, deductibles, and out-of-pocket maximums. Your plan type affects how much you pay on health insurance in New Hampshire.

Other factors that affect rates of premiums are the policy duration and co-insurance features.

Private Health Insurance On The New Hampshire Exchange

Private health insurance on the New Hampshire Exchange is categorized by metal tiers. Thes tiers include catastrophic, bronze, expanded bronze, silver, gold, and platinum.

These plans or tiers have different premiums, out-of-pocket maximums, and deductibles and they also have different coverage.

Catastrophic

These plans are only available for people who are below the age of 30 and those with hardship exemptions. A catastrophic plan is a low-cost option having low monthly premiums that offer limited coverage. This plan is a good option for people with few medical expenses or limited funds.

Bronze

 Bronze plans cost a little more than Catastrophic plans. They also offer low monthly premiums and have high out-of-pocket maximums and deductibles. They provide coverage for up to 60% of your medical costs. They are a good option for young and healthy individuals with a scarce need for medical care.

Expanded Bronze

This tier was designed to extend the coverage of the bronze tier. It offers slightly more coverage than the bronze tier. While the bronze tier provides coverage up to 60%, the expanded bronze covers up to 65%. It also has high out-of-pocket maxes and low premiums.

Silver

The Silver tier is a moderate plan offering coverage of up to 70% of your medical costs. It provides a balance between the high out-of-pocket deductibles of the bronze plans and the high monthly premiums of the gold and platinum plans. 

These plans qualify for cost-sharing reductions and premium tax credits that lower your premiums and help you save.

Gold 

This is more expensive than the aforementioned tiers. It has a high monthly premium and lows out-of-pocket maximum and deductibles. It’s a good plan if you have a lot of medical needs, the gold plan may be cost-effective for you.

Platinum

The platinum plan is the most expensive in terms of monthly premiums. These plans have the most monthly premium and the least out-of-pocket maximums.

These plans provide coverage for up to 90% of your medical expenses while you pay only 10%. If you have expensive prescriptions and need medical attention very often and also expect high-cost medical services, this plan may be ideal for you.

In New Hampshire, the average cost of health insurance for each tier is:

  • Catastrophic: $188 per month
  • Bronze: $270 per month
  • Expanded Bronze: $319 per month
  • Silver: $407 per month
  • Gold: $490 per month
  • Platinum: $582 per month

Most Affordable Health Insurance in New Hampshire By County

Unlike other states that have multiple rating areas, New Hampshire has only one rating area. This means your place of residence in New Hampshire does not affect your premiums.

The most affordable Silver plan is Anthem Silver Pathway X HMO 5000 30 7000 w HAS, which is provided by Anthem Blue Cross and Blue Shield. It costs $313 monthly on average.

Most Affordable Health Insurance In New Hampshire With High Out-of-Pocket Maxes

Young residents in New Hampshire may prefer purchasing plans with low monthly premiums and high out-of-pocket maximums. 

The most affordable plan with the high out-of-pocket maximums for a 26-year-old in New Hampshire is Anthem Catastrophic Pathway X Enhanced HMO 8550/0% provided by Anthem Blue Cross and Blue Shield. This plan costs $142 monthly on average.

Most Affordable Health Insurance In New Hampshire With Low Out-of-Pocket Maximums

Plans with high monthly premiums and low out-of-pocket maxes may be the best options for residents that expect high medical expenses. These plans offer wider coverage for health.

The cheapest plan with low out-of-pocket maximums in New Hampshire is Anthem Platinum Pathway X HMO 200 20 3200 provided by Anthem Blue Cross and Blue Shield. This Platinum plan costs $476 monthly on average for a 40-year-old.

Most Affordable HMO/EPO/PPO Health Insurance Plan In New Hampshire

When looking for the best plans that suit you in New Hampshire, your needs and preferences should be placed as a priority. There are three types of plans available in New Hampshire. They are HMO, EPO, and PPO plans.

HMO ( Health Maintenance Organisation) plans are the most common and most affordable. However, this plan requires you to stay within your provider network.

In order to see a specialist as a member of HMO plans, you’d need a referral from your local physician.

EPO( Exclusive Provider Organisation) plans are similar to HMO plans, in that it is affordable and it also restricts members to their provider network. The difference is that you may not always require a referral to see a specialist.

PPO( Preferred Provider Organisation) plans are costlier than HMO and EPO plans. They offer broader coverage and have better flexibility.

In New Hampshire, the most affordable health insurance for silver plans for all available plan types are:

  • HMO: Anthem Silver Pathway X HMO 5000 30 7000 w HAS provided by Anthem Blue Cross and Blue Shield. It costs $313 monthly on average.
  • EPO: Ambetter Balanced Care 11 (2021), offered by Ambetter from New Hampshire Healthy Families costs $325 per month on average.
  • PPO: Anthem Silver Preferred Blue PPO 5000 30 7000 w HAS provided by Anthem Blue Cross and Blue Shield, costing $450 on average monthly.

Leave a Reply