Understanding Medicare Supplement Insurance Plans in New Jersey
Copayments, coinsurance and deductibles are some of the “gaps” in coverage by Medicare Parts A and B. A Medicare Supplement Insurance plan, also known as Medigap, is a way to address these out-of-pocket costs. A New Jersey Medicare Supplement Insurance plan is available from private insurance companies throughout the state.
In 2022, New Jersey residents have many Medigap or Medicare Supplement Insurance plans from which to choose. These include basic benefits in Plans A, B, D, G, K, L, M and N. Medigap Plans C, E, F, H, I and J are no longer available to those who are newly eligible to Medicare but enrollees these plans have been grandfathered into them.
As of 2020, Medicare Supplement Insurance plans will no longer sell Medigap Plans C or F to newly eligible Medicare members. Congress has decided that new Medigap plans will no longer be allowed to cover the Part B deductible after January 1, 2020. This will only affect Medicare Supplement Plans C and F as these are the only Medigap plans that cover the Part B deductible. Anyone enrolled in a Medigap Plan C or F as of December 31, 2019, will be grandfathered and will be able to continue to use their plan as long as they want.
New Jersey residents looking for a Medicare Supplement Insurance plan should first look at their specific coverage needs to determine what Medigap plan might best fit their needs.
Most Popular Medicare Supplement Insurance Plans in New Jersey
The government-approved Medicare Supplement Insurance plans protect residents in most states, including New Jersey. The statistics below offer a view of the most popular Medigap plans selected by New Jersey residents. The insurance companies that offer Medigap Insurance plans offer the same basic benefits, but those plans may come at different prices depending on where you live and the carrier. Each insurer may not offer each of the available Medigap plans.
As reported by AHIP, 490,827 New Jersey beneficiaries enrolled in a Medigap policy in 2019. Below is the breakdown of the number of New Jersey enrollees by Medigap plan type.
| Plan | A | B | C | D | E | F | G | H | I | J | K | L | M | N |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Enrollment # | 6,110 | 2,545 | 56,322 | 1,613 | 406 | 191,961 | 95,125 | 2,411 | 7,300 | 26,557 | 3,252 | 2,851 | 7 | 89,248 |
Source: AHIP. Reflects data through December, 2019.
| Plan | Enrollment # |
|---|---|
| A | 6,110 |
| B | 2,545 |
| C | 56,322 |
| D | 1,613 |
| E | 406 |
| F | 191,961 |
| G | 95,125 |
| H | 2,411 |
| I | 7,300 |
| J | 26,557 |
| K | 3,252 |
| L | 2,851 |
| M | 7 |
| N | 89,248 |
Source: AHIP. Reflects data through December, 2019.
While a Medigap policy will help pay for things like copayments, coinsurance and deductibles not covered by Medicare Parts A and B, it is important to note that your New Jersey Medicare Supplement Insurance plan will not cover benefits for prescription drugs. However, you can buy an additional Medicare Prescription Drug plan to cover prescription drug costs or consider a Medicare Advantage plan, which typically includes coverage for prescription drugs and may also include other benefits, such as dental, vision, hearing and gym memberships.
Learn more about your Medicare Supplement Insurance plan options in New Jersey by working with a SelectQuote licensed sales agent. Acting as your advocate, our licensed sales agents can guide you through the Medicare maze to better understand Medigap plan options and answer any questions you may have throughout the process. SelectQuote individually shops more than 20 national insurance companies to help you compare Medicare plans in New Jersey.
New Jersey residents cannot be enrolled in a Medicare Supplement (Medigap) Insurance plan and a Medicare Advantage plan at the same time. A Medigap plan can also not be used to pay for any expenses for a Medicare Advantage plan.
When is the New Jersey Medicare Supplement Plan Enrollment Period?
Initial enrollment timeframes are very important. Enrollment for New Jersey Medicare Supplement Insurance plans begins the first day of the month you turn 65 years old. You also must be enrolled in both Medicare Parts A and B in order to obtain coverage from a Medigap plan.
New Jersey residents have a six-month period surrounding their birth month to buy a Medicare Supplement Insurance plan. New Jersey residents under the age of 65 can check with the Social Security Administration office for additional enrollment periods.
The best time to enroll in a Medicare Supplement Insurance plan is during the initial 6 months are you eligible for Medicare. You might be surprised to hear that enrollment can begin as early as 64 and 6 months. During this important six-month period, companies that offer Medicare Supplement Insurance plans cannot use underwriting. If you apply for Medicare Supplement Insurance outside of this timeframe, your will be subject to a physical exam. If you apply for Medigap coverage after the first six months of eligibility, a company can refuse to sell you a plan or premiums may also adjust depending on current health status and pre-existing health conditions.
Is a New Jersey Medicare Supplement Insurance Plan Right for You?
As an independent third-party company which specializes in helping consumers understand the ins and outs of Medicare, SelectQuote can help to ensure you receive all the available Medicare benefits you deserve. Our trained licensed sales agents can also help you stay current with annual updates to Medicare plans made by insurance companies. As a trusted specialist in Medicare Insurance, SelectQuote is here to help you find the right New Jersey Medicare Supplement plan to meet your needs.
To ensure you are getting all the benefits you are entitled to receive, call or complete your online form today. Let SelectQuote’s personal licensed sales agents simplify the Medicare maze by comparing rates and independently shopping insurance companies to help you find an affordable option that meets your unique needs.
