Understanding NH Health Insurance

Health insurance is an essential part of life as it helps cover the cost of medical expenses when unexpected health issues arise. In New Hampshire, there are several health insurance options available that cater to different needs and budgets. Understanding NH health insurance can be overwhelming, but with proper knowledge and guidance, you can make informed decisions about your health coverage. In this article, we will explore everything you need to know about NH health insurance.

Overview of NH Health Insurance

New Hampshire is among the states that have embraced the Affordable Care Act (ACA) provisions, which aim at making healthcare more affordable and accessible to all. The ACA requires most Americans to have minimum essential health coverage, failure to which they may face a tax penalty. NH health insurance options fall into three categories:

Let’s dive deeper into each category of NH health insurance options.

Individual and Family Plans

Individual and family plans are ideal for people who are self-employed, retired, or do not have access to group coverage through their employer. These plans come in different levels of coverage namely Bronze, Silver, Gold, and Platinum, each with different deductibles, copayments, and premiums. In this category, there are two types of plans:

1. Marketplace Plans

The NH Health Insurance Marketplace is a platform where individuals, families, and small businesses can compare and purchase health insurance plans. The marketplace provides tax credits and subsidies to individuals and families with low or moderate income to make their health coverage more affordable. To qualify for these financial assistance programs, you must meet certain income requirements and other eligibility criteria.

2. Non-Marketplace Plans

You can also purchase individual and family health insurance plans directly from insurers. These plans are not eligible for tax credits or subsidies, meaning you pay the full premium amount out of pocket. Non-marketplace plans are ideal if you prefer more flexibility in choosing your coverage.

Group Coverage

Group health insurance plans are typically offered by employers to their employees as part of their benefits package. These plans are designed to provide coverage to a large population, and therefore, often come with lower premiums than individual plans. In this category, there are two types of plans:

1. Fully-Insured Plans

In a fully-insured plan, the employer contracts with a health insurance company to provide coverage to their employees. The insurer assumes all the risk and pays for the employees’ medical expenses.

2. Self-Insured Plans

In a self-insured plan, the employer assumes the risk of providing health coverage to their employees. The employer sets up a fund to pay for medical expenses, and the insurer provides administrative services such as processing claims and managing the plan.

Public Programs

The government provides several public programs that offer health coverage to eligible individuals and families. Here are the main public programs available in NH:

1. Medicaid

Medicaid is a health insurance program funded by the federal and state governments. It provides coverage to individuals and families with low income who meet certain eligibility requirements. Medicaid covers a wide range of medical services, including doctor visits, hospitalizations, and prescription drugs.

2. Medicare

Medicare is a federal health insurance program that provides coverage to people aged 65 and above, people with certain disabilities, and people with end-stage renal disease. Medicare has different parts that cover different types of medical services, such as hospital stays, outpatient care, and prescription drugs.

3. CHIP

The Children’s Health Insurance Program (CHIP) is a federal and state-funded program that provides health coverage to children from low-income families who do not qualify for Medicaid.

FAQ

1. How much does NH health insurance cost?

The cost of NH health insurance varies depending on the type of plan, level of coverage, and your age and health status. On average, individual and family plans in NH cost between $400 and $700 per month. Group health insurance plans cost less because the employer usually pays a portion of the premium.

2. What is a deductible?

A deductible is the amount you must pay for covered medical services before your insurance plan starts paying. For example, if you have a $1,000 deductible, you will pay the first $1,000 of medical expenses out-of-pocket before your insurance starts covering the rest.

3. How do I qualify for tax credits and subsidies?

To qualify for tax credits and subsidies, you must enroll in a marketplace plan and meet certain income requirements. The income limit for tax credits is 400% of the federal poverty level (FPL) for individuals and families.

4. Can I change my health insurance plan after enrolling?

Yes, you can change your health insurance plan during the annual open enrollment period, which runs from November to mid-December each year. You may also qualify for a special enrollment period if you experience a qualifying life event, such as loss of job-based coverage, marriage, or birth of a child.

5. What happens if I don’t have health insurance?

If you do not have minimum essential health coverage, you may face a tax penalty. The penalty is calculated based on your income and family size and can be as low as $695 per adult or 2.5% of your income, whichever is higher. However, the penalty no longer applies from 2019 onwards.

Conclusion

Having health insurance is critical for protecting yourself and your family from unforeseen medical expenses. In NH, you have several options for health coverage, including individual and family plans, group coverage, and public programs. It is essential to understand the differences between these options and choose the one that best suits your needs and budget. We hope this article has provided helpful insights on NH health insurance.