New Jersey Medigap plans are supplemental insurance options for senior citizens who want to minimize how much they pay out-of-pocket for insurance costs. In order to be eligible, you must have a Medicare Part A and Part B plan and be at least 65 years old.
All Medicare Supplement Plans in New Jersey are permanent if the premiums are paid, and you may cancel your plan at any time. These plans lower out-of-pocket expenses for those who rely on Medicare for their healthcare needs.
New Jersey Medigap Plans
There are ten different plans, they are standardized, and all come with the main core benefits. The standardization makes it easier for you to compare New Jersey Medigap policies across the various plans available.
Once you’ve enrolled in a plan, your coverage can never be dropped for any reason except non-payment if you enrolled during your Open Enrollment Period.
If you must stay in the hospital for a certain amount of time, New Jersey Medigap insurance will cover the remaining daily balance required once Medicare pays their portion. If you’re traveling abroad, you’ll not have to worry about having coverage for emergency care.
New Jersey spent over 18 million dollars in Medicare spending back in 2014, that’s a total growth of 6.9% between 1991-2014. Medicare spending per each enrollee averaged $12,614, giving the state a total growth of 5.6%, also between the years of 1991-2014. The distribution in the state by gender in 2015 was 43% male and 57% female.
What Doesn’t Medicare Cover
Medicare doesn’t cover hospital deductibles, skilled nursing facility coinsurance, Part B deductibles, emergency care outside of the United States or preventive care. Medicare doesn’t cover at-home recovery or any excess physician charges, according to Lee Barbieri.
Medigap plans in New Jersey cover coinsurance, deductibles, some blood work, emergency foreign medical care, and co-payments so that you don’t have to pay out of pocket for what Medicare doesn’t cover.
Who is Eligible
You must be age 65 or older to qualify for a plan. Your Open Enrollment Period begins the first day of the month in the year you turn 65 and are enrolled in Part B of Medicare. So, if your birthday is in March, but you didn’t enroll in Medicare Part B until May 19th, then you’re Open Enrollment Period would being June 1st.
You have up to six months to enroll without having to worry about pre-existing conditions or medical history being a factor in whether your application is approved. During Open Enrollment you cannot be denied coverage and it also means that you’ll not be required to wait for coverage to begin.
If you apply outside of your Open Enrollment period, your pre-existing condition may be a disqualifying condition. Some New Jersey Medigap insurers could deny you coverage, but another carrier could approve you.
Some carriers may just require you to wait six months before approving you for coverage. Some may charge you a much higher premium for getting coverage outside your Open Enrollment Period.
For those under 65 who receive Medicare, only some states offer all or a few supplement plans. New Jersey only offers Medigap Plan C to those between the age of 50 and 64, but the New Jersey Medigap rates will not be the same compared to recipients who are over 65.
You have a 30-day period where you can test drive a plan. One of the best things about New Jersey Medicare supplement plans are that you can never lose your coverage. If you continue to pay your premium, your coverage can never be dropped for any reason.
If you want to switch supplemental plans, you can do so within six months of enrolling in a Medicare Part B without being denied coverage. You can cancel your policy at any time, but make sure to consult with a Medicare agent before you cancel to make sure you’re able to enroll in another plan because your plan can be canceled without the option to reinstate.