Jeffrey Wade
The cost of medical insurance in New Hampshire varies depending on several factors, including the type of plan, family size, age, and income. The New Hampshire Insurance Department (NHID) reviews and approves premium rate changes annually, ensuring transparency and accessibility for consumers. Anthem offers the best health insurance in the state, while WellSense provides the most affordable rates, with Silver plans starting at $318 per month. New Hampshire also has free or low-cost options for low-income residents, such as Medicaid or NH Healthy Families, with eligibility based on income and family size. On average, health insurance in New Hampshire costs $1,192 per month for a family of four, with costs increasing as more individuals are added to the plan.
| Characteristics | Values |
|---|---|
| Health Insurance Premium | The amount paid to the health insurance company each month for health coverage |
| Health Insurance Premium Factors | The plan's benefit design, the age and health of the insurance company's customers, pharmacy costs, and the cost of healthcare |
| Bronze Plan | Low monthly payments with a higher deductible; ideal for individuals or couples with few doctor visits |
| Silver Plan | Average monthly payments but a lower deductible than Bronze; ideal for individuals and smaller families with average healthcare needs |
| Gold Plan | Not mentioned |
| Catastrophic Plan | Must meet a deductible before virtual care visits |
| Average Monthly Cost | $1,192 for a family of four; $745 for a couple; $223 for a 14-year-old child |
| Affordable Option | WellSense |
| Free Low-Income Health Insurance | Medicaid or NH Healthy Families |
| Income Eligibility for Medicaid | $21,000 per year or less for a single person; $44,000 per year or less for a family of four |
| Income Eligibility for Discounts | $15,606 to $60,240 per year for a single person |
| Anthem App | Sydney Health |
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![Annual report of the Insurance Commissioner of the State of New Hampshire. Volume 29 (1898) 1898 [Leather Bound]](https://m.media-amazon.com/images/I/81nNKsF6dYL._AC_UY218_.jpg)
![Annual report of the Insurance Commissioner of the State of New Hampshire. Volume 53 (1904) 1904 [Leather Bound]](https://m.media-amazon.com/images/I/61kelb6mFML._AC_UY218_.jpg)
What You'll Learn
Average monthly cost of health insurance in NH
The average cost of health insurance in New Hampshire (NH) varies depending on several factors, including age, income, family size, and the chosen plan.
Average Monthly Cost by Age and Family Size
According to MoneyGeek, the average monthly cost of health insurance for an 18-year-old in the United States is $396, while it increases to $781 for a 50-year-old and $1,187 for a 60-year-old. These figures represent a general trend of rising health insurance costs with age.
For families, the average cost of health insurance in NH also depends on the number of family members covered. For instance, a 40-year-old couple can expect to pay an average of $1,077 per month, while a family of five may pay around $2,040 per month.
Average Monthly Cost by Income
Income plays a significant factor in determining health insurance costs in NH. Individuals with lower incomes may qualify for discounted or free health insurance through Medicaid, also known as NH Healthy Families. In 2023, a single individual applying for Nursing Home Medicaid in NH must have an income below $2,742 per month and assets under $2,500.
For those who qualify for the NH health insurance marketplace, about seven out of ten people are eligible for discounts called subsidies. These savings are income-based, meaning that individuals with lower incomes can access larger discounts.
Average Monthly Cost by Plan Type
The type of health insurance plan chosen also impacts the average monthly cost in NH. Silver plans, which strike a balance between premiums and out-of-pocket costs, have an average monthly cost ranging from $124 to $539 for a 40-year-old, depending on various factors. Catastrophic plans, on the other hand, cost $243 per month before discounts but come with a high deductible of $9,200 on average.
Additionally, Gold and Platinum plans offer higher premiums in exchange for reduced out-of-pocket expenses, making them suitable for individuals with frequent or extensive healthcare needs, respectively.
Average Annual Cost
While monthly costs provide a snapshot, it's also essential to consider the average annual cost of health insurance in NH. The average annual cost for a 40-year-old with an individual Silver plan is $6,468, with a maximum out-of-pocket limit of $6,115 per year.
In summary, the average monthly cost of health insurance in NH varies based on age, family size, income, and the chosen plan. It's important to carefully evaluate the coverage, cost, and network of different options to determine the most suitable plan for one's healthcare needs and budget.
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Factors influencing insurance premium costs
The cost of health insurance premiums in New Hampshire can vary based on several factors. Firstly, the type of plan chosen influences the premium cost. For instance, bronze plans offer lower premiums but higher out-of-pocket expenses, while platinum plans have higher premiums but lower deductibles and out-of-pocket costs. Secondly, age is a significant factor, with older individuals often paying higher premiums than younger ones due to increased health risks.
Additionally, health status and medical history can impact premiums. Individuals with pre-existing conditions or a history of illnesses may face higher premiums. Lifestyle choices, such as tobacco use, can also affect costs, with smokers sometimes paying higher premiums. Location is another factor, as the cost of living and state or city-specific regulations can influence premium rates. For example, some states prohibit tobacco surcharges from being added to premiums.
The scope of benefits included in a plan can also drive up or down the premium. A plan with more comprehensive coverage will likely have a higher premium. The cost of administering the plan, including customer service, sales, and marketing expenses, can further impact the premium rate. Insurance companies also consider the tenure of the policy, with longer-duration policies typically resulting in lower premiums.
Lastly, the number of covered family members and the type of employment can influence premiums. Group health insurance plans offered by employers often have lower premiums than individual policies. The Affordable Care Act (ACA) and government-funded programs like Medicaid and the Children's Health Insurance Program (CHIP) can provide financial assistance to those who qualify, helping to reduce premium costs and make healthcare more accessible.
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Medicaid and other low-income health insurance options
New Hampshire (NH) offers Medicaid as a federal and state-funded health care program for eligible individuals and families. The program covers health care services ranging from routine preventive medical care for children to institutional care for the elderly and disabled, as well as services for individuals with developmental disabilities and acquired brain disorders.
Eligibility for NH Medicaid is determined by income, household size, and resources. Low-income families, qualified pregnant women and children, and individuals receiving Supplemental Security Income (SSI) are among the mandatory eligibility groups. To apply for NH Medicaid, individuals can use the NH EASY online platform, submit a paper application, or apply by phone.
In addition to Medicaid, short-term health plans are available in NH for temporary coverage. These plans are suitable for individuals who need comprehensive coverage for a short period. Bronze health insurance plans, for instance, feature low monthly payments with higher deductibles and are ideal for those with few doctor visits. Silver health insurance plans offer average monthly payments and lower deductibles, making them suitable for individuals and smaller families with average healthcare needs.
The Affordable Care Act (ACA) also provides financial assistance to help reduce healthcare costs. This assistance is based on income and can be in the form of a health insurance subsidy. Anthem, a health insurance provider in NH, offers a Smart Rewards program that allows members and their spouses or partners to earn rewards for completing health and wellness activities.
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Anthem: the best health insurance in NH
Health insurance premiums in New Hampshire vary depending on several factors, including the plan's benefit design, the age and health of the customers, pharmacy costs, and the overall cost of healthcare. Anthem has been rated as the best health insurance provider in New Hampshire, with WellSense being the best option for cheap rates.
Anthem offers Bronze, Silver, and Gold plans, with varying monthly payments and deductibles. Bronze plans are ideal for those who rarely visit the doctor and only need coverage for emergencies, as they have low monthly payments but high deductibles. Silver plans, on the other hand, offer average monthly payments and lower deductibles, making them suitable for individuals and small families with average healthcare needs.
The Sydney Health app, offered by Anthem, allows users to connect with board-certified doctors from anywhere, receive expert medical advice, get common health issues diagnosed, and have prescriptions sent directly to their pharmacy. Additionally, Anthem's Smart Rewards program incentivizes users to complete health and wellness activities, offering digital gift cards as rewards.
In New Hampshire, about seven out of ten people who purchase insurance through the health marketplace qualify for discounts called subsidies. These discounts are based on income, with lower-income individuals receiving larger discounts. For instance, a single person earning below $15,606 per year may qualify for Medicaid and receive health coverage at no additional cost.
When choosing a health insurance plan in New Hampshire, it is essential to consider your specific needs, budget, and eligibility for any financial assistance or discounts. While Anthem offers the best overall health insurance in the state, WellSense provides more affordable options for those on a tight budget.
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Discounts and subsidies for health insurance
New Hampshire residents with low incomes may be eligible for discounted or free health insurance. If you earn about $21,000 per year or less as a single person, or about $44,000 per year or less as a family of four, you may qualify for free health insurance under Medicaid. In New Hampshire, this is called NH Healthy Families. You may also be eligible for Medicaid at a higher income level if you have children under 18, are pregnant, or are disabled.
If you earn more than the threshold for Medicaid, you may still qualify for discounted health insurance. About seven out of ten people who buy insurance through the New Hampshire health marketplace qualify for these savings, which are called subsidies. The amount you save is based on your income; the less money you make, the larger the discount. To qualify for these discounts, you need to make between $15,606 and $60,240 per year as a single person. You can only get discounted coverage with a Bronze, Silver, or Gold plan bought through HealthCare.gov. Anthem, the best health insurance company in New Hampshire, offers both on-exchange and off-exchange health insurance plans that you can shop for and compare directly on its site. On-exchange plans are also available on HealthCare.gov, and financial help or subsidies are only available when you enroll in an on-exchange plan.
If you have a Silver health plan and earn between $15,060 and $37,650 per year as a single person, you may qualify for extra discounts called cost-sharing reductions (CSRs). CSRs help you pay for the portion of the bill that you are responsible for when you see the doctor, such as your deductible, copays, and coinsurance.
In addition, if you are a retired police officer or firefighter, or the spouse or dependent child of one, you may qualify for a medical insurance subsidy through RSA 100-A:52. Finally, if you are an employer with between 1 and 50 full-time equivalent employees, you may qualify for a tax credit worth up to 50% of your contribution to your employees' premiums.
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Frequently asked questions
A health insurance premium is the amount paid to your health insurance company each month for your health coverage.
WellSense offers the best rates for cheap health insurance in New Hampshire. Its Silver plans start at $318 per month.
Health insurance in New Hampshire costs an average of $1,192 per month for a family of four.
Anthem sells the best health insurance in New Hampshire.
Yes, New Hampshire has free low-income health insurance, called Medicaid or NH Healthy Families. You may qualify for Medicaid if you make about $21,000 per year or less as a single person or roughly $44,000 per year or less as a family of four.
