Jo Gallo
Licensed Life and
Health Insurance Broker
Written 7/31/2024
New Jersey Medicare Supplements
New Jersey Medicare
Supplements
Intro | Should I Take Medicare Now?
|How To Signup For Medicare | Medicare Secondary Options |
I'm Turning 65 But My Spouse Is Not |
Medicare Disability | Medicaid
"If I Could Give Jo More Stars, I Would!
What is a Medicare Supplement?
A Medicare Supplement (commonly called “Medigap”) is an insurance policy you buy to help cover the gaps in your Original Medicare coverage. While Original Medicare is great, there are out-of-pocket costs such as Copays, Deductibles and Coinsurance payments that you have to worry about. A Medicare Supplement allows you to keep the Original Medicare network and coverage structure while helping to limit potential out-of-pocket costs.
Medicare Supplements are standardized by the federal government. They are administered through private companies, but the benefits cannot be modified by those private companies.
Whatever Medicare Supplement you choose, know that it is secondary to Original Medicare.
Original Medicare determines your provider network, Original Medicare determines what is medically necessary, and Original Medicare pays most of your bills. The company you choose for a Medicare Supplement will not make coverage decisions. Premiums will vary, but “price” is the only difference between insurance companies when it comes to Medicare supplements.
If you are a New Jersey resident looking for a Medicare Supplement, you have come to the right place!
In this article, we will present in detail the different Medicare Supplements available to you in New Jersey, what prices you should expect, and some additional expertise to help you make informed decisions.
What Medicare Supplements Are Available To Me In New Jersey?
There are currently twelve Medicare Supplement plans available to New Jersey residents.
They are Plans A, B, C, D, F, G, K, L, M, N, HDG and HDF.
The plans available to you specifically depend on your age and Medicare Part A start date.
It can be confusing sorting through what is available and best for you, but we’ll keep it simple:
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If you are turning 65 or over the age of 65, we recommend a Plan G or Plan N
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If you are under 65 due to disability, we recommend a Plan D or Plan C
Medicare Supplement Plan G In New Jersey
A Medicare Supplement Plan G is an incredibly comprehensive policy. It covers all of your Part A out-of-pocket costs and all of your Part B costs except for the yearly $240 Part B Deductible. You can ring up hundreds of thousands of dollars in Hospital and Medical bills, and as long as Original Medicare covers the procedures, your only out-of-pocket cost will be $240. Plan G works with Original Medicare across state lines and at the vast majority of hospitals and doctors’ offices nationwide.
As of 2024, a 65-year-old man in New Jersey can expect to pay $148-$190 monthly for a Plan G. A 65-year-old woman in New Jersey can expect to pay $130-$170 monthly. Your price will increase as you age, so people older than 65 looking to switch should expect higher premiums. Supplement premiums are in constant fluctuation so call NJ Life and Health at 848-226-6897 or visit our website at www.njlifeandhealth.com to talk to one of our brokers and get a personalized quote.
Medicare Supplement Plan N In New Jersey
A Medicare Supplement Plan N covers fewer Medigaps than a Plan G but costs less monthly. A Plan N covers all of your Part A costs and your Part B 20% coinsurance. You are responsible for:
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$240 Part B Deductible
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$20 Copays at Doctors offices and $50 Copays at the ER
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15% Medicare Excess Charges. This is a rare charge that only 2% of doctors across the country do
A 65-year-old man in New Jersey can expect to pay $103-$133 monthly for a Plan N. A 65-year-old woman in New Jersey can expect to pay $90-$132 monthly. Like a Plan G, the older you are, the higher your premium will likely be.
We here at NJ Life and Health recommend Plan G over Plan N because there is less cost variability. But everyone is different, and a Plan N is still a great option! Contact our Toms River, NJ office at 848-226-6897 or visit our website at www.njlifeandhealth.com to schedule a Medicare education with one of our licensed brokers.
Can I Switch My Medicare Supplement in New Jersey?
When it comes to Medicare Supplements, New Jersey requires underwriting to switch between supplements and insurance carriers. This means you can switch your Medicare supplement anytime, but the insurance companies will ask you health questions to determine if you are healthy enough. If you have no upcoming surgeries or diagnostic tests and are in fairly good health, chances are you can switch. Common conditions that lead to denials include COPD/Emphysema, AIDS/HIV, Alzheimer's, and Dementia. You can often switch with a history more serious conditions such as cancer and heart disease as long as its been 2 years since you had them.
Every year, you should look into the price of your Medicare Supplement and see if it makes sense to switch to save money.
NJ Life and Health works with numerous insurance carriers and can help you keep your costs low while maintaining great coverage. Contact our Toms River, NJ office at 848-226-6897 or visit our website at www.njlifeandhealth.com to schedule a conversation with one of our licensed brokers. We can potentially help you save hundreds on your Medicare Supplement.
Medicare Disability
If you are on Medicare and under 65 due to disability status, you cannot choose a Plan G or Plan N in New Jersey. You can choose a Plan C or a Plan D depending on your Medicare start date. If you started Medicare before 1/1/2020, you can choose a Plan C. If you started Medicare after 1/1/2020, you can choose Plan D. Plan C is slowly being phased out, so you will most likely choose Plan D.
A Medicare Supplement Plan D covers all your Medicare out-of-pocket costs except for the $240 Deductible and the 15% Part B Excess Charges. A man under 65 in New Jersey can expect to pay $147-$177 monthly for a Plan D, and a woman under 65 can expect to pay $132-$164 monthly.
A Medicare Supplement Plan C covers all your Medicare out-of-pocket costs except for the 15% Part B Excess Charges. It does not have a Deductible. A man under 65 in New Jersey can expect to pay $178-$210 monthly for a Plan C, and a woman under 65 can expect to pay $158-$185 monthly.
When you turn 65 and leave Medicare disability, you are given a new Open Enrollment period. This period around your 65th birthday will allow you to switch to Plan G or Plan N with no health questions.