NJ Medicare Supplement Plans

Residents of NJ have a wide variety of Medicare Supplement plans to choose from. Various insurance companies provide Medigap plans in NJ, which are actually identical throughout different states in the US. This makes it easier to compare Medicare plans from state to state, regardless of where you are.

When compared to the rest of the US, the prices of Medicare Supplement plans in NJ are usually higher. The cost, therefore, becomes a determining factor in choosing the right plan for New Jersey residents. Fortunately, with the numerous plans you can choose from, all you need to do is take a closer look.

For your convenience I have made a video regarding Medigap plans in New Jersey. Alternatively, you may keep reading below.

Comparing the Different Medigap Plans

Medicare Supplement plans in NJ are classified into plans A through N—although the most popular ones in this case are plans F, G, and N. The benefits between the three are very similar, offering 100% coverage for most services not fully covered by Medicare. What makes them different, though, is how much of the benefit people actually need, as well as how much policyholders pay for their Medicare Supplemental plans in NJ. Here, we compare the three prominent Medigap plans to see which one fits best for NJ policyholders.

Price

Plan F, the most popular of the three plans mentioned, also happens to be the most expensive. Its price ranges from around $150 to $215 for the average 65-year-old female non-smoker, depending on the provider.

Plan G has a $166 deductible in its policy which you have to pay yourself, but at a price range of about $130 to $190, it may be a better deal for many people.

Plan N ranges from $98 to $150, offering value for NJ policyholders. Like plan G, you pay off the $166 deductible, but add another amount up to $20 copay and $50 at the ER, unless admitted.

Rate Increases

Rate increases are inevitable as time goes by, and if someone tells you otherwise they are lying to you. The best thing you can do to avoid high future rate increases, is to have a broker shop the rate for you each year to ensure you are not overpaying for your coverage. This is exactly what we do for ALL of our clients, each and every year. In addition, choosing a Plan G or N will minimize large future rate increases as these two plans do not increase over time as much as Plan F does.

Plan F does provide 100% of all policy benefits. However, it also entails an average annual increase of 9%, which may be too much for policyholders who need Medigap plans in NJ.

Plan G’s biggest benefit over plan F is how its rate increases only by 4-5% on average, making it a more stable plan in comparison, regardless of the $166 deductible.

Plan N also has an annual increase of only 4-5%, which makes it a great choice for NJ policyholders when considering the price and the rate increase.

Other Considerations

Both plan F and plan G cover excess charges, while plan N does not. This, however, is not much of an issue. The reason for this is because Part B excess charges rarely occur and can be easily avoided by simply asking your provider if they take “Medicare Assignment.”

What Plan Should NJ Resident Choose?

While plan F offers the most benefit at first glance, it’s also generally more expensive and the rates increase more over time. Plan G and N provide great value and stability. That being said, Plans G and N are more useful to NJ residents, due to their lower price and annual rate increase.

To compare rates and find out what plan is best for you , fill out the quote request form or contact us at 800–208–4974.

We hope to hear from you soon!