Medicare Supplement Plans in New Jersey
Medicare beneficiaries can enroll in a Medicare Supplement Insurance (Medigap) policy in New Jersey through private insurers that Medicare has approved. These plans can bridge the gap left by Original Medicare coverage and protect copays, coinsurance, excess charges, or emergency medical expenses while traveling abroad.
The cost and availability of Medigap policies can be impacted by age, gender, and geographic location. In New Jersey, these plans are regulated by state laws and overseen by an insurance commissioner.
Before New Jersey residents select a Medigap plan, they must take into consideration its cost and accessibility of it. That way, they can be confident that their chosen plan is both affordable and accessible to them.
Key Takeaways:
- You have ten Medigap plans to choose from.
- In New Jersey, Medigap Plan G is the most popular plan.
- Premiums for Plan G range from $163 to $382 monthly.
- Apply during your Medigap Open Enrollment period to avoid medical underwriting.
Types of Medigap Plans in New Jersey
You can find every standardized type of Medigap plan in New Jersey, but the most extensive coverage is available through Plans F and G. These are also the most popular.
Following are some critical points about differences among some of the plans:
- Plan F is the most comprehensive option, covering the Part B deductible. However, this plan is only available to people eligible for Medicare before January 2020.
- Plan G is the most comprehensive for newer beneficiaries. Pays for excess Part B charges so you can see any Medicare provider even if they charge more than the Medicare-approved amount.
- Plan N is an increasingly popular option with lower premiums but requires the policyholder to pay a copay for doctor and emergency room visits.
- Plan K is one of only two plans with a set out-of-pocket limit. Once you reach and pay the deductible for Part B, your plan will cover 100% of expenses.
- High Deductible Plan G has the same benefits as Medicare Plan G; however, it has an annual deductible of $2,700 that has to be paid by the member before any medical claims are covered.
What’s the Most Popular New Jersey Medigap Plan in 2023?
Plan F is the most popular plan, offering the most comprehensive coverage and paying the annual Part B deductible. But because Plan F is only available to those eligible before January 2020, Plan G is becoming more popular because it offers comprehensive coverage except for the Part B deductible. Plus, Plan G is widely offered by most Medigap insurance companies.
What’s the Best Medicare Supplement Company in New Jersey?
Based on our assessment of several key factors, United Healthcare is the best Medicare Supplement company in New Jersey.
While United Healthcare Medigap plans are more affordable in New Jersey, the cost is not the only consideration when selecting a Medicare Supplement provider. Every insurer has its own pros and cons based on its coverage options.
Because of its competitive prices, variety of plans available, discounted family premiums, and great customer feedback ratings, United Healthcare is our top-pick provider.
Check out this comparison chart of some Medicare Supplement companies, including United Healthcare, that are available in New Jersey. We’ve listed both sample premiums and ratings.
| Plan G Cost | Company | Financial Strength |
|---|---|---|
| $163 | United Healthcare | A+ |
| $165 | Mutual of Omaha | A+ |
| $172 | Cigna | A |
| Plan N Cost | Company | Financial Strength |
|---|---|---|
| $113 | Mutual of Omaha | A+ |
| $123 | Aetna | A |
| $126 | Cigna | A |
What Do Medicare Supplement Plans Cover?
Medigap policies may cover the following:
- Part A coinsurance and hospital costs for an additional 365 days after Medicare benefits have been used
- Part B copayments or coinsurance rates
- The first three pints of blood that are needed
- Part A hospice care coinsurance or copayment amounts
- Skilled nursing facility care insurance rates
- The deductible amount required for Part A
- Part B deductible (only available on specific plans) for people eligible before 2020
- Excess charges
- Foreign travel emergency services
How Much Do Medigap Plans Cost in New Jersey?
If you enroll during your open enrollment period, you can expect to pay $113 to $382 monthly for Medigap plans A, G, and N in New Jersey.
However, your monthly premium will vary based on your insurer and how they rate premiums.
Medigap policies can be rated in three ways:
- Community-rated: Your premium is not based on age; the price may only change due to inflation or other factors.
- Issue-age rated: The amount you pay for your policy is based on when you purchase the insurance, and your premium will not increase as you get older. Inflation or other external forces are the only things that can raise prices.
- Attained-age-rated: Your premium cost depends on how old you are when buying the policy, and it can go up as time goes by because of money value factors such as inflation.
How to Choose a Medigap Plan in New Jersey
As you compare plans available in your area, consider these factors:
Monthly premium: This is paid in addition to your Part B monthly premium. It is a set amount you pay each month, regardless of whether or not you use your benefits. The premium costs are determined based on several factors, such as the type of plan selected, age, gender, tobacco use, and state of residence.
Plan options: With every type of plan, you are offered basic coverage for Part A copays and coinsurance, at least a portion of the Part B copays and coinsurance, three pints of blood, and hospice care. However, other benefits may not be included. Check which benefits are most important to you before finalizing your purchase.
Insurance provider: Always check the ratings and reviews to understand other people’s experiences when looking for a carrier. You can also contact a company representative to discuss their customer service levels and responsiveness.
Extra discounts: Some insurance companies offer additional benefits or discounts once you become a member. For example, you may have access to discounted hearing aid providers or eyeglass suppliers.
When to Sign Up
If you want to get the best price on your Medicare Supplement Insurance, it’s recommended that you buy a plan as soon as possible after enrolling in Parts A and B of Medicare.
If you are 65 or older and enrolled in Parts A and B of Medicare, Medigap Open Enrollment starts on the first day of your birthday month and lasts six months. An insurance company cannot use medical underwriting to determine whether to accept your application or charge a different price during this period.
There are specific situations where you have the guaranteed right to purchase a Medigap policy, regardless of your health condition or any preexisting conditions.
The following reasons include:
- Moving out of the coverage area while in a Medicare Advantage Plan or Medicare SELECT Plan
- Your existing Medicare Advantage Plan leaving Medicare coverage
- Your other insurance plan outside of Medicare is ending
- You are within your trial right period
- Your plan coverage ends through no fault of your own
How to Sign Up
You can sign up for a Medigap plan by contacting one of our agents and ensuring you’re in your open enrollment period or have guaranteed issue rights. Then, fill out the application and decide when you want your policy to begin.
Frequently Asked Questions:
These plans can range from $50 to $382 per month, depending on your age and health status.
The average cost of Medigap Plan G in New Jersey can range from $163 to $382 per month, depending on where you live and your age.
United Healthcare, Mutual of Omaha, Aetna, and Cigna all offer a variety of plans that can be customized to a person’s specific needs.
Next Steps
We specialize in guiding Medicare beneficiaries through their Medicare insurance options. We work with some of the nation’s top-rated Medigap carriers to ensure you get the best possible service. Take a deeper look at the plans by reviewing our Medicare Supplement Plans Comparison Chart. Additionally, you can give us a call today to learn more or request a quote online.
Article Resources:
- Types of Medigap Plans
- How Much Do Medigap Plans Cost?
- When Can I Apply for a Medicare Supplement Plan?
- How Do I Enroll in a Medigap Plan?
- When Can I Change Medigap Plans?
- Can I Be Denied Medigap Coverage?
- CMS Medicare Services
- New Jersey State Health Insurance Assistance Program
- New Jersey Medigap Benefits Chart
Disclaimer:
Average quotes are for sample purposes only. Actual premiums are based on several factors, including health conditions, age, location, tobacco status, gender, and insurance provider.
