Medicare Supplement Plans in New Jersey are additional coverage options available to New Jersey residents who have enrolled in Medicare Part A and B. These supplement plans can help fill in the gaps in Original Medicare, such as coinsurance, deductibles, and co-payments.
In New Jersey and most other states, there are 10 standardized supplement plans to choose from, ranging from Plan A – Plan N. Medicare supplement plans in New Jersey are offered by a wide variety of insurance companies. You’ll find carriers with strong financial ratings and low rate increase trends as well.
Medicare Supplement Plans Enrollment
Once your Part B is effective, you have six months to enroll in a New Jersey Medigap plan without medical questions. This is called your Medigap Open Enrollment Period. During this window, you can enroll in any Medicare supplement plan in New Jersey without underwriting.
The insurance company must issue a policy regardless of any pre-existing health conditions. This is why it is considered the best time to enroll in a Medicare supplement plan.
After that window expires, Medicare supplement plans in New Jersey will have health questions on their applications. You generally must be able to answer NO to the health questions on the application. The underwriter will also review your medication history before issuing a decision to accept you for coverage. If you are denied for coverage, then you might consider Medicare Advantage plans in New Jersey (more on that below).
Medicare Supplement plans in New Jersey (and everywhere else) do not include retail prescription drug coverage. You can enroll in an affordable standalone Part D drug plan that will help you to pay for your prescriptions. Even if you aren’t currently taking any medications, it’s good to enroll in at least a low premium plan so you can avoid late penalties.
How to Compare Medicare Supplement plans in New Jersey
Each insurance company sets its own rates for the Medicare supplement plans that it offers. As in most other states, there is a range of factors which affect the pricing of Medigap plans in New Jersey. These include your home zip code or county, your gender, and age.
Some of the most popular Medicare supplement plans in New Jersey are Plan F, Plan G, and Plan N. Medicare Supplement Plan F provides the most comprehensive coverage, leaving you with nothing out-of-pocket on your covered medical services. Plan G and Plan N have slightly less coverage but will have lower premiums.
Keep in mind that Plan F will only be available to those who were eligible for Medicare before 2020, once January 1, 2020 rolls around. Learn more here.
Your licensed expert here at Boomer Benefits can provide a custom report comparing the top 3 to 5 Medicare supplement plans in New Jersey for you, after comparing the 25+ carriers we represent. Our software shows us the financial ratings for each company. More importantly, it shows us which carriers have had the lowest rate increases. This helps you to choose a company that has demonstrated rate stability.
Medicare Advantage Plans in New Jersey
Medicare Advantage Plans in New Jersey offer an alternative to Original Medicare and Medigap. People who enroll in Medicare Advantage plans in New Jersey will get their Medicare Part A and B benefits from a private insurance company. These private Medicare plans are approved by Medicare and sometimes also offer a built-in Part D drug plan.
Many Medicare Advantage plans include ancillary benefits as well, such as routine dental, vision, hearing services, and gym memberships. These benefits can change from year to year. The most common Medicare Advantage plans types in New Jersey are Medicare HMO Plans and PPO Plans.
HMO plans offer healthcare services through an established network of providers. You must use this network except in emergencies. Usually, you will be required to select a primary care physician who can generate a referral for you if you need to see a specialist.
PPO plans offer slightly more flexibility. You can see doctors in the network without referrals on some PPO plans. You can also treat outside the network if the doctor is willing to bill the plan. Services received outside the network will result in higher spending by you.
There may also be other Medicare Advantage plan in some New Jersey counties such as Private Fee for Service or Special Needs Plans. We can generate a list of available plans in your area. It’s important to check that your doctors are in the network before you enroll. If your plan includes drug coverage, we’ll also check to make sure that your necessary medications are covered in the formulary.
Common Questions About New Jersey Medicare:
These are some of the most commonly asked questions we get about New Jersey Medicare Supplements.
The best time to apply for a Medicare Supplement in New Jersey is during your Medigap Open Enrollment window, which starts on your Part B effective date and ends 6 months later. This window is the best time to apply because you don’t have to answer any health questions and can’t be turned down for preexisting conditions.
New Jersey offers all of the Medicare Supplement plans available today, such as Plan A, B, C, D, F, G, K, L, M, N, and two high-deductible options. However, the plans available to you will depend on your zip code.
Although Part D is optional, failing to enroll during your Initial Enrollment Period and not having creditable coverage to back you up would result in a late penalty.
Compare New Jersey Medicare Plans
New Jersey Medicare plans options are easy to compare. Our software at Boomer Benefits can instantly provide quotes from all the major insurance companies in your area. Keep in mind that price should not always be your deciding factor, though.
Our representatives will also analyze the history of rate increases for the companies you are considering. This will help you choose one that has attractive rates and also a good record of reasonable annual increases. While all supplements are subject to healthcare inflation, some companies who seem to do a better job of projecting their expenses upfront. This can result in stable and reasonable rates for you.