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How do I find the most affordable Medicare Supplement plan in New Jersey?

Are you considering getting a Medicare Supplement plan? Maybe you want to find out more about Medicare Supplement insurance. Make sure you understand what different plans cover so you can find a plan that may best meet your needs while living in New Jersey or anywhere in the United States.

What is a Medicare Supplement plan?

Some background about Medicare Supplemental coverage (also called Medigap) plans ought to be helpful.

Private insurance companies’ offer Medicare Supplement plans to help pay Medicare’s out-of-pocket costs. Different Medicare Supplement plans pay for different amounts of those costs, such as copayments, coinsurance, and deductibles.

When you buy a Medicare Supplement plan, you pay a premium to the insurance company for your coverage. Typically, as long as you continue to pay your premium and have Medicare Part A and Part B, your Medicare Supplement plan will be automatically renewed each month, year after year. Most Medicare beneficiaries choose the monthly auto bank draft to pay their premiums. This way, you won’t have to worry if you are traveling or are ill. 

Is a Medicare Supplement plan right for you?

Ultimately, you are the best judge of the type of insurance that meets your personal needs and lifestyle.  However, if one or more of the following circumstances is true for you, a Medicare Supplement plan may be a good choice.

  • You are enrolled in Medicare Part A and Part B and have many doctor visits or frequent hospitalizations.
  • You want the security of knowing you’ll have help with many of the medical expenses that Medicare Part A and Part B don’t completely cover.
  • You like the flexibility of being able to choose any doctor or hospital that accepts Medicare, possibly even when traveling throughout the United States.
  • You divide your time between two homes in different regions of the United States and you want to be able to receive treatment from any doctor or health facility that accepts Medicare.

How do I shop for the most affordable Medicare Supplement plan in the New Jersey area?

Each standardized Medicare Supplement plan helps cover a different range of certain Medicare costs. For example, some plans may cover 100% of the Medicare Part A deductible, some cover a portion of that deductible, and some plans don’t cover the deductible at all. Some plans cover emergency medical care when you’re traveling.

Keep in mind that you do pay a monthly premium with a Medicare Supplement policy (and you still continue to pay your Medicare Part B premium as well). Medicare Supplement plan premiums may vary by insurance company and among different plans. Generally speaking, the more coverage provided by the Medicare Supplement plan, the higher the premium.

Some things to consider before making a decision about which Medicare Supplement plan may be most affordable for you include:

  • How much do I spend on health-care costs? Will the Medicare Supplement plan provide value or will the premium cost more than I currently spend on health care?
  • What do I spend my health-care dollars on? Which Medicare Supplement plan or plans provide      coverage for these medical services and supplies?  Will I also want to purchase insurance for items neither covered by Part A and Part B nor by Medicare Supplement plans, such as Medicare Part D Prescription Drug coverage?
  • How much can I afford to spend in premiums? Remember, you continue to pay separately your Medicare premium (for most people Part B premium), your Medicare Supplement plan      premium, and if you choose to add prescription drug coverage, your Medicare Part D Prescription Drug Plan premium.

If you want to learn more about the most affordable Medicare Supplement insurance and other Medicare plan options in New Jersey, we can answer your questions.

Please call us at: 1-800-821-7535