New Jersey Medicare Supplement Plans
Private companies currently offer Medicare Supplement Plans. There isn’t a specific enrollment period; so, apply for Medigap coverage anytime.
Discover Medicare Supplement Plans in New Jersey for 2020
Let’s say Giana lacks Medigap coverage, and she starts having chest pain requiring medical assistance to the hospital. Giana believes Original Medicare is going to cover her. She doesn’t understand just how much she’s responsible for paying.
So, the ambulance ride to the hospital is a Part B service because Giana isn’t inpatient until after the E.R. Well, that ride costs $198 for the Part B deductible.
Then, she still pays 20% of the leftover costs, which exceeded $198.
Next, the hospital requests Giana receive inpatient services for her chest pain. They want to run tests and evaluate her condition.
Well, once the hospital places her under inpatient status, she becomes responsible for the Part A deductible; this deductible is $1,408 per benefit period.
Finally, Giana is responsible for 20% of the total hospital bill. If she’s there 6-days for monitoring, can you imagine the amount of savings she could lose?
Now, let’s say Giana has Medigap Plan G, and this scenario happens.
Well, Plan G covers the Part A deductible, and 20% of Part A as well as Part B expenses. So, the only thing Giana pays other than the premium is the Part B deductible.
That deductible is only $198 for the year. The HUGE Part A deductible is per benefit period; so, you can pay it multiple times in a year of bad health.
Part A & B
The federal government provides Medicare to those 65 and over. Some beneficiaries under 65 with certain conditions or end-stage renal disease are eligible for Medicare.
Medicare Part A and Part B make up standard Medicare, covering inpatient, and outpatient services. Part C is also a Medicare Advantage plan. This plan replaces Medicare. Then, prescription coverage falls under Part D services.
Medigap coverage pays the deductibles, copayments, and coinsurances you’d otherwise be billed.
Medicare Supplements for the Disabled under 65
The state of New Jersey requires insurance companies to offer one Medigap plan to beneficiaries under 65 receiving Medicare.
Occasionally an insurance company will voluntarily sell Medigap coverage to disabled beneficiaries; however, the cost is usually much higher than it would be for someone turning 65.
Many under 65 beneficiaries find Medicare Advantage plans are more suitable until they turn 65. Once 65, recipients will be entitled to the OEP and G.I. rights.
Some areas even have Medicare Special Needs Advantage Plans that are tailored for people with specific disabilities or beneficiaries eligible for Medicare and Medicaid.
Medicare Advantage Plans in New Jersey
In 2019, 28% of beneficiaries chose to enroll in a Medicare Advantage plan in New Jersey.
Now, let’s say Giana has a Medicare Advantage plan when she experiences chest pain. Well, the ambulance service costs $200, and the hospital costs $290 EACH DAY for days 1-6.
Then, Medicare Advantage plans will charge Giana 20% of the cost of Durable Medical Equipment; so, if she needs an oxygen tank, it could be costly.
Her total medical bill for this health issue would cost about $2,000 if she had Medicare Advantage. Now, the Medicare Plan G can cost less than that for the entire year!
Part D Plans in New Jersey
Medicare doesn’t cover Part D medications, that coverage needs to be purchased separately from an insurance company. Enrolling in prescription coverage when Medicare Initial Enrollment Period is active will likely prevent a late enrollment penalty.
Part D can cost less than $30 in some areas; however, sometimes, the lowest premium plan isn’t the lowest annually costing method for everyone.
Let’s say Giana enrolls in the lowest premium Part D plan because she thinks it’s going to be the cheapest. Well, her prescription copayment is $50 plus the $15 premium; that’s putting her at $65 a month for one prescription.
Now, if Giana purchases the $40 plan, her prescription is only $15, her total is now $55. Sure, that’s only $10 a month; however, that’s $120 a year savings by paying more per month and less out of pocket.
Best Medicare Supplement Plans in New Jersey
Two Medigap Plan F policies in different zip codes will offer the same coverage. Since the government requests standardizing plans, beneficiaries benefit from easily compared policies.
The three most consistently selected plans are Plan F, G, and N. Although, not all beneficiaries select this coverage. Each person has different needs, budgets, and preferences; the choice is ultimately yours.
Premium shouldn’t be the only motivating factor in plan selection; a reliable company with superior customer service is worth the extra few dollars. A-rated companies are offering competitive rates in your area.
New Jersey Medicare Supplement Eligibility
The best time to select a Medigap policy is during the 6-month Medicare Supplement Open Enrollment Period.
The OEP allows beneficiaries with pre-existing conditions the opportunity to select a policy without risk of denial or increased premium.
Also, the pre-existing condition waiting period won’t apply. This is because the OEP is a beneficiaries’ first chance for Guaranteed Issue Rights.
Medigap plan applications can be submitted anytime; however, applying by your 65th birthday is the best chance at a lower premium.
Beneficiaries becoming ineligible for Medicaid will have G.I. rights to purchase a Medigap policy through New Era.
Those with employer coverage that is primary to Medicare can voluntarily leave the plan with G.I. rights for a Medigap plan.
New Jersey Medicare Supplement Plan Prices
Most Medigap plans in New Jersey are attained-age rated. This means the premium increases as age increases. The cost of a Medigap plan will vary based on enrollment eligibility, age, location, gender, and sometimes health.
Beneficiaries new to Medicare will have the lowest premium rates. Some Medigap plans cost less per year than one hospital stay.
Call us at the number above to learn more about the cost of your tailored coverage.
Resources for Medicare in New Jersey
Seniors looking for assistance with their Medicare can contact the New Jersey Senior Health Insurance Program (NJ-SHIP).
Sign Up for New Jersey Medicare Supplement Plans
Exploring Medicare options can be time-consuming and energy-draining. Our agents are experts. They make discovering the most suitable policy more accessible.
Having Medigap coverage protects you from costly medical bills. Protect your retirement savings by enrolling in Medicare Supplement coverage today.
It’s as simple as cake; just call the number above or fill out an online rate form. The sooner you get coverage, the sooner you can enjoy peace of mind.
We know to get older means health complications, protect your future healthcare by selecting Medigap now.