Best Medicare Supplement Plans in New Jersey
Medicare Supplement plans in New Jersey help beneficiaries pay out-of-pocket expenses left after Medicare covers initial healthcare expenses.
Original Medicare (Part A and Part B), run by the federal government, is responsible for paying most hospital expenses, outpatient care, and many other healthcare services. However, private insurance companies offer Medicare Supplement plans, also known as Medigap policies, because they bridge the financial gap after Medicare pays.
Most popular Medicare Supplement Insurance plan types in New Jersey
Best Full Coverage: Medicare Supplement Plan F
Medicare Plan F does have the most comprehensive benefits, but beneficiaries must have a Medicare start date prior to 1/1/2020.
Best Comprehensive Coverage: Medicare Supplement Plan G
Medigap plan G in New Jersey allows you to visit any doctor in the United States who accepts Original Medicare.
Other benefits include:
- Changing your physician at anytime
- There is no network to stay in
- Referrals are not needed
- Pays all of Medicare Part A Coinsurance
- Covers Medicare Part A Deductible
- Part B Coinsurance is covered
Plan G does not cover the Medicare Part B deductible, which is $233 for 2022.
These will be your only out-of-pocket costs for this plan. For your prescription drug coverage (retail outpatient), you will have access to the Medicare Part D plan.
Part D is a prescription drug plan that will cover retail outpatient prescriptions, while Part B medications are covered under Plan G.
Best Value: Medicare Supplement Plan N
Medicare Plan N is really great for individuals who want comprehensive coverage but is okay with trading out certain benefits so they can save on their monthly premium. For example:
– If you should find yourself at the ER, you will have to pay a $50 copay. However, if you are admitted, it will be waived.
– This plan has $20 doctor’s office copays, whereas so of the other plans do not.
Best for Lowest Premiums: High Deductible Plan G
The Plan G high deductible plan option also has an annual deductible of $2,490 that must be paid before coverage begins.
It is important to note that the high deductible plan options are substantially cheaper than their regular versions.
Top Medicare Supplement Insurance Companies in New Jersey
- Colonial Penn Life Insurance Company
- Horizon Blue Cross Blue Shield of New Jersey
- Loyal American Life Insurance Company
- United of Omaha Life Insurance Company
Medicare Supplement Insurance prices in New Jersey
The average cost for Medicare coverage relies on several factors such as issue age, community rating, and attained age.
|Plan Type||Premium Range|
|Plan G||$143.40 - $201.31|
|Plan N||$100.29 - $131.48|
When to Sign Up for Medicare Supplement Plans in New Jersey
When applying in New Jersey, it is important to remember that Medicare supplement plans do not have enrollment periods. The Federal Centers for Medicare & Medicaid Services handle the Federal Medicare Program.
Also, you have guaranteed issue rights. This means an insurance company can’t refuse you a Medigap Supplement policy for the following reasons:
– Your Medicare Advantage Plan leaves Medicare/stops providing in your area
– You move out of your service area
Enrollment periods only apply to Part D Plans, having a Medicare Advantage plan or losing it, aging into Medicare, or retirement from group coverage.
For Medicare Supplement plans in New Jersey, you can apply any time you like; however, you should apply to get the best pricing in New Jersey during the six-month Medigap Open Enrollment period. See below for age-specific application information.
65 or older: Enroll in Medicare as soon as you have Part B (it can’t be changed or repeated).
Turning 65: On the first day of the month in which you turn 65 will start the six-month enrollment period. Part B will be needed to enroll.
Under 65: You may not have eligibility. In certain states, Medigap policies have to be sold to those under 65, but they will generally cost you more.
Note: For those about to sign up or already have Social Security, enrollment into Medicare Part A and Medicare Part B will be automatic. In New Jersey, if you have been receiving SSDI for 2 years and are under 65, you will automatically be eligible for Medicare Parts A, B, and D.
When can I change Medigap plans?
In most cases, you won’t have a right under federal law to switch unless the following applies to you.
– You’re eligible under a specific circumstance or guaranteed issue rights
– You’re within your 6-month Medigap open enrollment period
You don’t have to wait a certain amount of time after purchasing your first Medigap policy before you can switch to a different Medigap policy, but you could be denied based on your health issues outside of the open enrollment period.
Ready to learn more?
We help educate Medicare beneficiaries on their Medigap options and help them go through the process of reviewing and comparing plans. We work with most of the nation’s top-rated Medigap carriers. Give us a call today, or start a Medigap quote online to learn more about plans in your state. We educate you on the best Medicare Plans for your situation, then let you decide.
New Jersey State Links
- In New Jersey, Medicare Supplement Plan G is the most popular plan for 2022.
- There are 10 Medicare Supplement Plans in New Jersey to choose from.
- The Plan G high deductible plan option also has an annual deductible of $2,490 that must be paid before coverage begins.