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Medicare Supplement Insurance Plans in New Jersey

High out-of-pocket costs are burdensome to many people who have Original Medicare (Part A and Part B). Coinsurance, copayments, and deductibles can make it hard for people to get the care they need. Fortunately, you can reduce your costs by getting one of the Medicare Supplement insurance plans in New Jersey. Also referred to as “Medigap,” these plans cover many of the out-of-pocket costs incurred with Original Medicare, making healthcare much more affordable. These plans are only available for people who have Original Medicare (Part A and Part B) and cannot be used to pay for out-of-pocket costs with a Medicare Advantage (Medicare Part C) plan.

Plan Options

There are 10 types of Medicare Supplement insurance plans in New Jersey. The plans are labeled with letters that range from A-N, and each plan offers different coverage. However, plans with the same letter have the same coverage, regardless of where you are located or how you purchase the plan. For instance, if you purchase Medicare Supplement Plan N, your coverage will be the same as it is for everyone else who has Plan N.

However, premiums do vary by the insurance company. While the federal government sets premiums for Original Medicare, private insurance companies set the rates for Medigap plans. These companies might offer plans throughout the entire state of New Jersey or in certain counties. When you get a quote for Medicare Supplement insurance plans in New Jersey, you will find out which plans are available for you and how much you can expect to pay for coverage.

How to Enroll in a Medicare Supplement Insurance Plan

It is best to enroll in one of the Medicare Supplement insurance plans in New Jersey during open enrollment. The six-month open enrollment period begins when you turn 65 and have Medicare Part B. During this period, you will have guaranteed-issue rights. That means that insurance companies cannot turn you down based on a pre-existing condition. They also cannot charge you more for coverage due to your health.

That changes after the Open Enrollment Period is over. You still can apply for coverage at any time, but your policy will have to go through underwriting. The insurance company may choose to turn you down or charge you more based on your health conditions. This can make it much more difficult to get coverage, and if you do, you could end up paying much higher premiums.

There is one exception to this. You will retain your guarantee-issue rights if you lose your Medigap policy through no fault of your own. For example, if your insurance company goes out of business, you can get a new policy from another company without going through underwriting.

How to Select a Medicare Supplement Plan

Since there are 10 Medigap insurance plans available, it can be difficult to choose the right one. You must compare coverage between the plans and select the one that has the benefits you need.

You also need to consider the cost of the plans. Insurance companies set the rates, and some charge more than others.

Make this process much easier by calling 844-903-4406. You will speak to a licensed insurance agent who will help you select a plan.


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