Medicare Supplement Plans in NJ 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 deductibles as 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 NJ 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 in NJ – Enrollment
Once you have enrolled in Medicare Parts A and B, you have six months to enroll into a New Jersey Medigap plan without medical questions. This is called your Medigap Open Enrollment Period, and it begins on your Part B effective date. During this window, you can enroll in any Medicare supplement plan in NJ without underwriting. The insurance company must issue a policy regardless of any pre-existing health conditions.
It is considered the best time to enroll in a Medicare supplement plan.
After that window expires, Medicare supplement plans in NJ 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 NJ (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.
How to Compare Medicare Supplement plans in NJ
Each insurance company sets their own rates for the Medicare supplement plans that it offers. As in most other states, there are a range of factors which affect 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 NJ 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.
Your licensed expert here at Boomer Benefits can provide a custom report comparing Medicare supplement plans in NJ for you. 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.
If a Medicare Supplement and Part D drug plan cost more than you want to spend, then you should consider a New Jersey Medicare Advantage plan.
Medicare Advantage Plans in NJ
Medicare Advantage Plans in NJ offer an alternative to Original Medicare and Medigap. People who enroll in Medicare Advantage plans in NJ 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 and hearing services or 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 your enroll. If your plan includes drug coverage, we’ll also check to make sure that your necessary medications are covered in the formulary.
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.
Be sure to ask one of our representatives to 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 supplement are subject to healthcare inflation, there are some companies who seem to do a better job of projecting their expenses up front.This can result in stable and reasonable rates for you, the Medicare beneficiary.