New Jersey Medigap Insurance
New Jersey Medigap Insurance is something that everyone on Medicare should have. The word Medigap can often be confusing to a person, especially since the word Medicare is related to the word. Medigap. It is a combination of the word Medicare and gap. It refers to the incomplete coverage from Medicare. Although a popular program, Medicare does not cover more than 80 percent of your health care costs. This creates the need for a solution to the shortfall in coverage. This is what a New Jersey Medigap Insurance policy is all about. It is a supplemental policy to cover parts of your health care that Medicare doesn’t cover and many also know it as Medicare Supplement insurance.
New Jersey Medigap policies come in 10 standard plans and are given letters to identify each of them. The plans are labeled A, B, C, D, F, G, K, L, M and N. All of these plans contain basic coverage to supplement your Medicare. In fact, this basic coverage is what Plan A consists of.
Medigap Insurance in New Jersey and What They Cover
The basic coverage will pay a portion of the 20 percent that Medicare does not pay for with both outpatient and inpatient care, but Plan A does not cover your deductibles. The other nine standard New Jersey Medigap plans cover everything that Plan A does, but in addition will have added benefits.
Plan B for example is the same as Plan A but adds coverage for the deductible payment for Medicare Part A. You will have to look through each of the other nine plans, and decide if you want more coverage. Keep in mind, the more coverage you have, the higher your monthly premiums will be.
You must remember the best time to get a supplemental policy is within the open enrollment period. A New Jersey Medigap Insurance policy should be purchased within six months of signing up for Medicare Part B. You will have to sign up for both Medicare Parts A and B. Part A is the part of Medicare that pays for inpatient care such as hospital stays. Part B pays for outpatient care such as a visit to the doctor.
Don’t Wait to get Medigap Insurance in New Jersey
Once you have signed up for Medicare, you will not be penalized for pre-existing conditions with your supplemental policy if you get the policy within six months of signing up for Medicare. After this six month period of time, an insurance company may have to underwrite your health, and your premiums may be very high. You should address the issue of a New Jersey Medigap Insurance plan months before the deadline.
Many senior who have Medicare and a Medigap plan in New Jersey lean towards plans F, G or N. These three plans are the best “bang for your buck” we like to say. They cover the most and they make the most sense financially. Please call or fill out the form today to get a Medicare Supplemental insurance comparison today.