Medicare Supplement Plans in New Jersey for 2023

Summary: Medicare Supplement plans in New Jersey are consistent with Medigap plans nationwide. To find the right Medigap plan in New Jersey for you, you should compare coverage options with your healthcare needs and budget. Estimated Read Time: 9 min

New Jersey Medicare Supplement plans work alongside Original Medicare by covering the leftover out-of-pocket costs from Medicare Part A and Part B. Medicare Supplement (Medigap) plans are standardized throughout the United States; thus, they share the same benefits among plans of the same letter.

There are ten lettered Medicare Supplement plans in New Jersey and two high deductible plans. The best plan for you depends on your health and budget needs.

Below, we discuss NJ Medicare Supplement plans and how you can utilize their benefits to get the most out of your Medicare coverage in 2023.

Best Medicare Supplement Plans in New Jersey

When choosing the best NJ Medicare Supplement plans, looking at the plans’ benefits and comparing premiums is essential. With a Medigap plan, you get the most bang for your buck regarding coverage.

Due to their comprehensive coverage, Medicare Supplement Plan F, Plan G, and Plan N are the top Medigap plans in New Jersey.

Medicare Supplement Plan F in New Jersey

Enrolling in Medicare Supplement Plan F in New Jersey means you do not have to worry about out-of-pocket costs like copayments, deductibles, or coinsurance. This plan covers all the out-of-pocket expenses Original Medicare leaves behind. The only cost associated with this plan is the monthly premium.

Unfortunately, this plan is only available to those who enrolled in Original Medicare before January 1, 2020. If you did not have Medicare prior to that date, you will not be eligible for Medigap Plan F.

Medicare Supplement Plan G in New Jersey

Next, Medigap Plan G is a fantastic plan for those who want full coverage and are not eligible for Plan F. When you enroll in this plan, you are only responsible for your monthly premium and the annual Medicare Part B deductible. After you meet the Medicare Part B deductible, Medicare Supplement Plan G in New Jersey covers 100% of your remaining costs for the calendar year.

Medicare Supplement Plan N in New Jersey

Lastly, Medicare Supplement Plan N in New Jersey requires a few more out-of-pocket costs. However, this helps keep the monthly premium low compared to the other plans.

When you enroll in Medicare Supplement Plan N, you are responsible for paying the monthly premium, the Medicare Part B annual deductible, $20 copayments at the doctor or specialist, $50 copayments at the emergency room (waived if admitted), and excess charges if applicable.

Excess charges apply when a doctor does not accept Medicare assignment. Most states allow excess charges, including New Jersey.
However, if you receive care in a state that does not permit excess charges, such as New York or Connecticut, you will avoid them regardless of where you reside. Still, it is rare to encounter excess charges in general because most doctors accept Medicare assignment.

Who is Eligible for Medicare Supplement Plans in New Jersey?

In New Jersey, anyone who is enrolled in Medicare Part A and Part B is eligible to enroll in a Medicare Supplement plan. This includes people who are 65 years old or older and those who are under 65 but have a qualifying disability.

It’s important to note that there are certain times when you may have guaranteed issue rights, which means that insurance companies must allow you to enroll in a Medicare Supplement plan regardless of your health status. These include when you first enroll in Medicare Part B or during a special enrollment period.

Outside of guaranteed issue windows, you can still apply for Medigap coverage. However, you will be subject to health underwriting questions.

It’s always a good idea to research and compare Medicare Supplement plans to find one that best meets your healthcare needs and budget. You can also speak with a licensed insurance agent who can provide you with personalized assistance and advice when making this decision.

How Much Do New Jersey Medicare Supplement Plans Cost?

New Jersey Medicare Supplement Plans vary in cost based on several factors.

As a result, the cost of your plan will vary based on enrollment age, location, gender, and sometimes health.

The chart below compares Medigap premium rates for male and female Medicare recipients in New Jersey at age 65 versus 75. As you can see, the younger you are, the lower your cost.

* If on Original Medicare before 1/1/2020

Remember, the chart above is only an example of your premium range. It uses a New Jersey ZIP Code for sample premium rates. Your actual costs may vary.

Medigap Companies in New Jersey

There are many insurance companies that offer Medicare Supplement (Medigap) plans in New Jersey. Each carrier offers its own unique perks and monthly premiums for Medigap plans. Below is a list of a few major companies that provide Medigap policies in NJ:

• Aetna
• Bankers Fidelity
• Blue Cross Blue Shield (BCBS) of New Jersey
• Capitol Life
• Cigna
• GPM (Government Personnel Mutual)
• Humana
• Lumico Life Insurance
• Manhattan Life
• Mutual of Omaha
• National General
• United American
• UnitedHealthcare

It’s important to note that not all companies offer every type of Medigap plan, and prices can vary widely. When considering a Medigap plan in NJ, it’s important to compare prices and benefits across different companies and plans to find the best option for your needs and budget.

It’s also a good idea to speak with a licensed insurance agent who can help you navigate the process and answer any questions you may have.

Medicare Supplement Plans for Disabled Under 65 in NJ

New Jersey requires insurance companies to offer at least one Medicare Supplement plan to those under 65 receiving Medicare due to disability.

Occasionally an insurance company will voluntarily sell multiple Medicare Supplement plans to disabled beneficiaries. However, monthly premiums are usually much higher than for someone turning 65.

Many beneficiaries under 65 find Medicare Advantage plans are more suitable until they turn 65. Some areas even have Medicare Advantage Special Needs Plans for people with specific disabilities or beneficiaries eligible for Medicare and Medicaid.

Once you are 65, you will receive your Medigap Open Enrollment Period and can enroll in a Medicare Supplement plan at a lower cost with no underwriting health questions. Thus, you will not face denial due to pre-existing conditions.

NJ Medigap Plans Rating Method

Most Medicare Supplement plans in New Jersey are attained-age rated. So, your premium will be higher the older you are. There are also NJ Medigap plans that have their premium based on issue age rating. Using this method, you’ll pay for your coverage based on the age you are when you enroll, meaning the younger you are when enrolling, the lower your cost will be.

Regardless of the method used, it’s important to remember that several other factors go into calculating your premium. Historically, costs also increase over time and will go higher due to rising healthcare costs.

NJ Medicare Guaranteed Issue Rights

There are some situations in which you cannot be denied coverage for Medicare Supplement plans in NJ. These are known as guaranteed issue rights and can occur under certain circumstances, such as your employer group healthcare plan ending or if your Medicare Advantage plan is leaving Medicare. Under these protections, you can enroll in an NJ Medigap plan without being denied due to medical underwriting questions.

When to Enroll in a New Jersey Medicare Supplement Plan

The best time to enroll in an NJ Medicare Supplement plan is during your six-month Medicare Supplement Open Enrollment Period.
Your Medicare Supplement Open Enrollment Period allows beneficiaries with pre-existing conditions to enroll in a plan without risk of denial or increased premium.

If you wish to enroll in a Medicare Supplement plan in NJ outside of this enrollment period, you may have to answer underwriting health questions. Therefore, a carrier can deny you a policy for any reason unless you qualify for a Special Enrollment Period.

Additional Medicare Coverage Options in New Jersey

Besides Medicare Supplement plans, New Jersey also offers Medicare Part D prescription drug plans, Medicare Advantage, and ancillary policies to those with Medicare.

Once you become eligible, it is vital to enroll in Medicare Part D to avoid any late enrollment penalties. The only requirement for Medicare Part D is to have at least Part A.

Original Medicare does not cover prescription drug coverage. Thus, you must get this coverage either through a Medicare Advantage Prescription Drug plan (MADP) or a Medicare Part D plan.

Medicare Part D plans help cover the cost of prescription drugs. Without this coverage, you may need to pay thousands of dollars for a month’s prescription. You can pair these plans with your Original Medicare and Medicare Supplement plans.

Because Original Medicare also does not include dental, vision, or hearing coverage, New Jersey offers stand-alone policies that you can pair with your Medicare Supplement plan.

If you decide Medicare Supplement coverage is not for you, Medicare Advantage options are available in New Jersey. Private insurance companies offer Medicare Advantage plans as a primary healthcare coverage option. These policies work in contrast to Medicare Supplement plans, which serve as secondary coverage to Original Medicare.

These plans often have low (or zero) monthly premiums, higher out-of-pocket costs, and additional benefits like prescription drugs (MAPD), dental, vision, hearing, transportation, and gym memberships.

The downside to these plans is that they often have restrictive provider networks, unlike Medicare Supplement plans. Additionally, a Medicare Advantage plan usually requires referrals to see specialists.

How to Get a Medicare Supplement Plan in New Jersey

Exploring NJ Medicare Supplement plan options can be time-consuming and energy-draining. Our licensed Medicare agents are experts and can help find the best plan to fit all your needs. They make discovering the most suitable policy more accessible.

To compare all the top Medicare Supplement plans in New Jersey, 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.

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