New Jersey's Best Medicare Supplement Plans & Companies
If you're a resident of New Jersey currently enrolled in Original Medicare, you have the option to bolster your Part A and Part B coverage with Medicare Supplement Insurance (Medigap plans). In New Jersey, there are ten distinct plan options, each designed to cover various out-of-pocket expenses.
In this article, we delve into the top New Jersey Medigap plans and insurance companies for plan year 2024.
Table of Contents
What You Need to Know
- Private insurance companies offer supplemental Medicare insurance in New Jersey, not the government.
- Supplemental Medicare insurance is available in 10 different plan options, labeled A through N, each providing a different level of Medicare coverage.
- New Jersey residents become eligible for supplemental Medicare insurance at age 65.
- All plans offer coverage for Medicare Part A coinsurance and hospital costs, Medicare Part B copayments or coinsurance, and the first three pints of blood.
- Most plans also cover the Medicare Part A deductible and Skilled Nursing Facility coinsurance.
- It's important to note that Medicare Supplement Insurance does not cover long-term care, vision, dental, hearing aids, or private-duty nursing.
- The average costs for a 65-year-old can vary significantly based on factors such as gender, tobacco use, your location in New Jersey, and the level of coverage you select.
- A Medicare Supplement Plan is not classified as health insurance; it falls under indemnity insurance and operates under its own set of rules.
The 5 Best New Jersey Medigap Plans
There are 10 different Medigap plans. Plans are labeled A through N and standardized by the federal Medicare program.
The best plans in New Jersey for the 2024 plan year are Medicare Supplement Plan F, Plan C, Plan D, Plan G, and Plan N. They are the best because they offer the most coverage.
But is one of these plans the best for you?
A good way to understand each of the 10 plans is to look at a Medigap plan chart, which shows how each plan helps New Jersey residents pay their Medicare Part A and Medicare Part B deductibles, coinsurance, and copayments.
NOTE: Medicare Part A and Medigap Plan A sound similar. However, they are different, as are Medicare Part D and Medigap Plan D. Medicare organizes its benefits in “parts,” whereas private insurance companies sell “plans.” The topics are easily confused.
Comparing Medicare Supplement Plans in New Jersey
Everyone on Medicare has different needs. Your age, gender, New Jersey zip code, use of medical services, providers, emergency care, supplies, and durable medical equipment are all factors you need to consider.
That's because all of these things play a role in your plan options. Carefully consider your need for outpatient care and inpatient care.
When Best = Maximum Coverage Throughout New Jersey
Most Medicare insurance experts in New Jersey will tell you that opting for Plan G is the wisest decision if you're enrolling in Medicare with one or more chronic health conditions. This plan offers the most extensive coverage available for those who qualify for Medicare on or after January 1, 2020.
CRUCIAL: While Plan F provides slightly more coverage than Medicare Supplement Plan G, it comes at a significantly higher cost and is only available to beneficiaries who became eligible for Medicare before 2020.
- Get Plan F and Plan G Quotes in Your Zip Code
- See All Companies Offering Plan F in New Jersey
- See All Companies Offering Plan G in New Jersey
When Best = Good Coverage & Monthly Savings
If you're enrolling in Medicare and find yourself in excellent health or in need of solid coverage but are concerned about the cost of Plan G, consider Medicare Supplement Plan N as a viable option. Plan N provides comprehensive coverage everywhere in New Jersey for inpatient hospital stays and most medical expenses.
Plan N is a suitable choice for healthy individuals due to its cost-sharing feature. In exchange for lower monthly premiums, beneficiaries in this plan are responsible for a modest copayment for doctor's office visits (up to $20) or emergency room visits (up to $50).
When Best = Most Affordable Coverage in New Jersey
Many New Jersey beneficiaries don't require comprehensive coverage or simply can't manage it in their budget. If you're concerned about the monthly premium burden, consult with your insurance agent regarding Medicare Supplement Plan K and the High Deductible Plan G (HDG).
RELATED: How Does High Deductible Plan G Work?
These two plan options represent the most economical choices available. Many well-informed New Jersey seniors prefer these plans over a Medicare Advantage plan.
Are Plan A, B, C, D, L, and M Offered in New Jersey?
In New Jersey, Medicare Supplement Plan A is the most basic coverage option available. Interestingly, in many areas, its cost surpasses that of Plan N. Would you pay more to get less coverage?
While Medicare Supplement Plan C and Plan D offer coverage similar to Plan G, they come with a higher price tag. Furthermore, akin to Plan F, Plan C is exclusively available to New Jersey beneficiaries who enrolled in Medicare prior to 2020.
It's important to note that only a handful of insurance companies in New Jersey offer Plan L or Plan M. They rarely pan out as a good option.
What Makes One Insurance Company Better than Another?
Every Medicare Supplement Insurance provider operating in New Jersey is bound by federal and state insurance regulations. They are required to offer the standardized Medigap plans identified by letters A through N.
For example, a Plan F policy from Aetna Medicare covers the same out-of-pocket costs as a Plan F policy from Mutual of Omaha, United Healthcare, Humana, Cigna, or Blue Cross Blue Shield. This standardization simplifies the comparison of Medigap plans, setting them apart from the variability often found in Medicare Advantage plans.
The crucial difference is the financial strength and quality of the carrier and how they rate their plan for annual premium increases. It's critical to do your research and get the rate increase history on the company you're considering.
New Jersey state laws may influence the plans offers, rating methods available, and enrollment qualification. Visit the New Jersey Department of Insurance website at http://www.dobi.nj.gov/ for more information.
Medicare Supplement Plan F Companies in New Jersey
Medicare Supplement Plan F (Medigap Plan F) is New Jersey’s most popular Medigap plan. Here are the 10 best companies that offer Plan F policies in New Jersey based on our reviews (click for details):
Required Benefits of Plan F in New Jersey
Medigap Plan F is standardized like all Medicare Supplement Plans in New Jersey. Insurance carriers are required to cover certain benefits. Plan F is the most comprehensive plan because it covers all gaps in Original Medicare.
Although Original Medicare does not cover foreign travel medical emergencies, Plan F does (up to 89%). In addition to this extra benefit, companies may offer limited additional features. One example is Physician Mutual’s Preventive Care and Hearing Loss Testing benefits.
Medicare Supplement Plan G Companies in New Jersey
Medicare Supplement Plan G (Medigap Plan G) is rapidly gaining popularity with New Jersey seniors. With Plan F no longer available to new Medicare beneficiaries, Plan G is the new gold standard. Here are the 10 best insurance companies that offer Medigap Plan G policies in New Jersey based on our reviews (click for details):
Required Benefits of Plan G in New Jersey
All Medigap plans in New Jersey, including Medigap Plan G, are standardized. Insurance companies must provide the standard coverage. Plan G covers all gaps in Original Medicare except the Part B deductible. And it only covers 80% of foreign travel medical emergencies that fall within your policy’s limits.
Companies may offer additional features like UnitedHealthcare’s fitness program, Renew Active, or the Silver Sneakers fitness program.
Medicare Eligibility for Medicare Supplement Plans
You can apply for Medigap coverage in New Jersey during your Medigap Open Enrollment Period (OEP). Your OEP is a six-month period that begins when you enroll in Medicare Part B. Your Medicare eligibility date will determine which plan types are available to you.
Federal law grants you guaranteed issue rights during your Medigap Open Enrollment Period. You can get a Medicare Supplement Plan during this period, regardless of your health history and chronic health conditions. You cannot be turned down, and you can go with the company of your choice, so long as they sell policies in New Jersey.
New Jersey Medigap plan enrollees require the assistance of a licensed insurance agent. If you don't have an insurance agent, we recommend HealthCompare, an Allstate company. Call them at 1-855-728-0510 (TTY 711). They work with all of the top New Jersey insurance companies. There's no obligation.
Is a Medicare Supplement Right for You?
Consider a Medicare Supplement Insurance Plan If:
- You anticipate the need for frequent healthcare services, both presently and in the future, and wish to limit deductibles and co-pays.
- You have the financial means to afford the monthly premiums associated with Medicare Supplement Insurance, and you do not qualify for Medicaid.
- You value the flexibility to select your healthcare providers and doctors under Medicare without any network restrictions.
- You require nationwide coverage or have plans to travel abroad.
- You are in your Initial Enrollment Period and possess guaranteed issue rights, enabling you to join a Medigap plan regardless of your current health condition.
- You prefer not to enroll in a Medicare Advantage plan and want to avoid the complexities of referrals and pre-authorization for healthcare services.
Consider Alternatives to a Medicare Supplement If:
- You do not anticipate needing frequent healthcare services at present or in the future.
- You missed your Medigap open enrollment period and cannot pass medical underwriting to obtain your preferred Medigap policy.
- You prefer a Medicare Advantage plan with low or zero monthly premiums.
- You have Medicaid, TRICARE, VA benefits, retiree benefits, or other coverage options that cover most of your Medicare out-of-pocket expenses.
- You favor an HMO or PPO plan, coupled with a Part D prescription drug plan, Silver Sneakers, and routine dental, vision, and hearing care.
- You can comply with the rules and limitations of a Medicare Advantage plan.
Alternatives to New Jersey Medicare Supplement Plans
If you've determined that a New Jersey Medicare Supplement Plan isn't the best choice for your situation, or if none of the 10 plan types align with your budget, you have several alternative options to consider:
- You can choose to stick with Original Medicare, add a Medicare Part D plan to cover prescription drugs, and be responsible for all Part A and Part B deductibles, coinsurance, and copayments out-of-pocket.
- If you meet the qualifications for both Medicare and Medicaid or have a serious health condition, enrolling in a Medicare Advantage Special Needs Plan may be the best alternative.
- For individuals with VA health benefits, using healthcare services exclusively from the nearest VA hospital is an option. In such cases, the VA will bill Medicare and cover the remaining costs.
- Consider enrolling in a Medicare Advantage Plan with a low maximum out-of-pocket (MOOP) limit and affordable deductibles and copayments.
Your Medicare coverage decision is a crucial one, and it can greatly influence your healthcare and financial stability. It's essential to evaluate your individual requirements and priorities carefully. If you find yourself seeking more information or guidance on the choices accessible to you in New Jersey, don't hesitate to reach out to our preferred agency, HealthCompare, at 1-855-728-0510 (TTY 711). They can provide personalized support, ensuring that you make an informed choice that aligns with your unique healthcare needs and preferences.
Next Steps
The next step is to get a FREE Medigap Rate Comparison Report. It will arm you with all of the information you need to make an informed decision.
Get Your Free Medicare Supplement Rate Comparison
MedicareWire is a Medicare consulting agency. We are not insurance agents. Our job is to help people navigate Medicare without marketing interference.
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If you would prefer to speak with an agent, our preferred, nationwide agency is HealthCompare, an Allstate company. Give them a call at 1-855-728-0510 (TTY 711).
Citations & References
- Costs of Medigap policies, Medicare.gov, Last Accessed October 4, 2023
- What's Medicare Supplement Insurance (Medigap)?, Medicare.gov, Last Accessed October 4, 2023
- Find a Medigap policy that works for you, Medicare.gov, Last Accessed October 4, 2023
- How to compare Medigap policies, Medicare.gov, Last Accessed October 4, 2023
- How Original Medicare works, Medicare.gov, Last Accessed October 4, 2023
- Your Medicare coverage choices, Medicare.gov, Last Accessed October 4, 2023