Best Medicare Plans in New Jersey
You’re eligible to sign up for the best Medicare plans in New Jersey when you turn 65 or qualify at a younger age due to disability. The first step is to enroll in Original Medicare insurance, which includes two parts:
- Medicare Part A provides coverage for hospitalization and limited care in a skilled nursing facility. This is the portion of Medicare in New Jersey that you pay into during your working years, so there are no premiums once signed up.
- Medicare Part B is similar to the health insurance you likely had before retirement. It covers doctor and specialist appointments as well as some medical supplies. A Part B plan will come with a monthly premium and deductible.
You can sign up for Medicare Part A at age 65 while delaying Part B enrollment if you still have health insurance with an employer. Once you’re enrolled in Original Medicare Part A and Part B, you will have the option to sign up for an Advantage plan under Medicare Part C or a prescription drug plan under Medicare Part D. Medicare Supplement plans are another option if you want to pay fewer out-of-pocket expenses for copays, coinsurance and more after your Original Medicare insurance is billed.
To select the best Medicare plans in New Jersey, you need to compare rates online and match the right benefits to your personal needs. Our goal is to provide the information that you need to make informed decisions about your health care after retirement.
Enrollment Statistics for Medicare in New Jersey
- In December 2018, there were more than 1.2 million New Jersey beneficiaries enrolled in Original Medicare insurance.
- More than 350,000 Medicare beneficiaries in New Jersey were enrolled in Medicare Advantage plans as of December 2018.
- In 2016, more than 450,000 New Jersey Medicare beneficiaries were enrolled in Medigap plans.
Best Types of Medicare Plans in New Jersey
All New Jersey beneficiaries should learn about the types of Medicare plans in New Jersey. That information will allow you to compare coverage options and rates to select the best plan for your individual needs. You may prefer one insurance company over another based on reputation or past experience, but not all insurance companies offer all plans available for Medicare in New Jersey.
Your options for Medicare plans in New Jersey include:
- Medicare Supplement Plans in New Jersey– Also known as Medigap policies, Medicare Supplement plans serve as a secondary payment source for beneficiaries enrolled in Medicare in New Jersey. The plans are designed to cover the out-of-pocket expenses left by Original Medicare, including deductibles, copayments, and coinsurance. Each beneficiary selects a standardized plan and pays a monthly premium to maintain the benefits.
- Medicare Advantage Plans in New Jersey – Advantage plans are purchased through Medicare Part C. They’re designed to take the place of Original Medicare insurance and may include benefits for preventive care, wellness programs or prescription drug coverage. Medicare Advantage plans aren’t standardized like Medigap plans. Beneficiaries pay monthly premiums for these Medicare plans in New Jersey and may have a limited network of health care providers that they can see for services.
- Medicare Prescription Drug Plans – If you enroll only in Original Medicare in New Jersey, you will need a Medicare Part D drug plan to cover your prescription medications. You may also need a Part D prescription drug plan if you sign up for a Medicare Supplement or Advantage plan. You must pay a premium for your prescription drug coverage. There is a Medicare Part D late enrollment penalty that can increase the cost of your plan if you don’t sign up during your Medicare Initial Enrollment Period.
- Medicare Special Needs Plans – Special needs plans are available for beneficiaries diagnosed with specific medical conditions. You may receive health care that is specialized to your unique medical needs if you qualify for a special plan.
New Jersey Medicare Resources
It’s important to sign up for Medicare and start paying your Medicare Part B premium as soon as you’re eligible. Whether you want to use Medicare as a stand-alone health coverage option or if you’re hoping to sign up for a plan that will help you save on out-of-pocket costs, these resources can be quite helpful:
- Medicare Savings Programs – New Jersey Medicare beneficiaries in New Jersey with financial need can save up to $5,000 per year.
- New Jersey SHIP – The State Health Insurance Assistance Program provides free counseling to all New Jersey Medicare beneficiaries.
- CMS: Centers for Medicare & Medicaid Services
Private insurance companies that offer plans in Atlantic states like New Jersey include Aetna, Cigna, Mutual of Omaha and more. You may want to check out the insurance plans that are available from each company and that can improve your Medicare coverage, but you might not want to talk to multiple different insurance agents to do it. That’s where we can help.
We help New Jersey residents shop for a plan that is right for them without the big hassle. We can talk to you about HMO, private fee-for-service and PPO health plans, Medicare Supplement insurance plans and other options that are available in your service area. Give us a call if you want to save on your health care costs.