Best Medicare Supplement Plans in New Jersey
Mutual of Omaha offers the best Medicare Supplement (Medigap) plans in New Jersey. In Somerset County, Plan G stands out with a competitive rate of $165.46 per month, while Bergen County residents can enjoy the most affordable Plan N rates at just $112.52 monthly.
More than 496,040 residents in New Jersey are currently benefiting from Medicare Supplement coverage. Notably, 29% of the population has chosen Medigap Plan G, while a slightly lower 18% have opted for Medigap Plan N.
In our quest to find the best Medicare Supplement plan in New Jersey, we meticulously evaluated financially viable options exclusively from companies boasting long-term financial stability.
It’s important to debunk the misconception that opting for a lesser-known, recently established company with lower initial rates is prudent.
Such insurance providers may unexpectedly increase their prices. To safeguard your finances and spare yourself from unnecessary headaches down the line, opting for a reputable brand that has established a commendable standing within the industry is advisable.
Best Plan G Rates: Mutual of Omaha
Mutual of Omaha Medigap plans have many attractive features, including household discounts, access to the Mutually Well fitness program, fast underwriting, low monthly premiums, and high customer satisfaction rates.
Best Plan N Rates: Mutual of Omaha
Medigap Plan N from Mutual of Omaha allows you to visit any doctor that accepts Original Medicare. Your benefits are set each year if you choose this plan, and it has a $25 copay for office visits and a $50 copay for ER visits.
You also have the option to add dental and vision insurance to cover additional needs.
- Original Medicare Part A and B coinsurance
- Part A deductible
- Emergency care
- Foreign travel medical emergency expenses
- Other services such as hospice care, skilled nursing facilities, etc.
What's the Best Medicare Supplement Company in New Jersey?
The best overall Medigap provider in New Jersey is Mutual of Omaha.
In general, Mutual of Omaha’s Medigap plans are among the most affordable in New Jersey. This is one of the main reasons it’s the most popular provider in our review process. However, the plan letter you are considering is essential in determining the best Medicare Supplement company for you.
There are ten standardized Medigap plans in New Jersey. Each plan letter will have a set list of benefits regardless of which company you choose. Furthermore, there may also be a high deductible Medigap option in some areas.
For example, you may notice that Plan N is less costly with one company, but Plan G might be more reasonably priced with another carrier. Every company has advantages and disadvantages based on their plan levels.
|Plan G |
|Plan N |
|Cost by County||Financial
|Mutual of Omaha||7.07%||$165.46||$112.52||Monmouth||A+|
|BCBS of NJ||18.05%||$159.10||$117.72||Mercer||n/a|
|CVS Group (Aetna)||8.65%||$173.85||$123.45||Hunterdon||A|
|Cigna Health Group||2.35%||$164.82||$111.31||Burlington||A|
Considering plan costs and policyholder satisfaction ratings can make selecting an insurance company easier.
How Much Does a Medigap Plan Cost in New Jersey?
Monthly premiums for a New Jersey Medicare Supplement plan can cost as little as $50 or as much as $305, depending on your age and the level of coverage you choose.
|Medigap Plan||Monthly Cost||Cost by County||Enrollment in New Jersey|
|High Deductible G||$58.51||Camden||3%|
|Plan A||$134.32||Cape May||0.94%|
What Is the Medicare Supplement Open Enrollment Period?
During the Medicare Supplement Open Enrollment Period, which lasts six months, individuals can purchase a Medigap policy regardless of their health status. This enrollment period starts automatically when someone turns 65 or older and enrolls in Medicare Part B. Insurance companies are not allowed to use medical underwriting during this time.
As a result, they cannot deny the sale of any Medigap policy, charge higher rates based on health issues, or impose waiting periods for coverage limitations. We highly advise choosing your Medicare Supplement policy during this optimal time for enrollment.
- Tobacco rates will not apply if you purchase Medigap during your Open Enrollment period. This allows individuals to obtain health insurance coverage without facing denials or higher premiums due to tobacco use.
- Tobacco rates also do not apply in guaranteed issue situations.
Does CMS Regulate Medigap Plans?
Medigap plans, also known as Medicare Supplement Insurance policies, are regulated by the Centers for Medicare & Medicaid Services (CMS). CMS provides guidelines and standards to which these plans must adhere, ensuring they provide standardized benefits and protect beneficiaries.
It’s important to note that while CMS oversees the overall program, each state has the authority to manage the sale and regulation of Medigap policies within their jurisdiction.
The Bottom Line
- After years in the industry and helping countless people find coverage, we have come to love Mutual of Omaha above the rest in New Jersey. Our clients who choose them often stay with them long-term; they are simply that good.
- Regarding value and enrollment speed, Mutual of Omaha can’t be beaten. They also have an excellent track record for paying claims quickly.
Choosing the right Medicare plan is a crucial decision. At Policy Guide, we have extensive experience assisting Medicare beneficiaries. We understand that New Jersey has no “perfect” Medicare Supplement plan. When you work with us, you gain access to the knowledge and expertise of our professional agents.
Frequently Asked Questions
When is the best time to enroll in a Medigap plan in New Jersey?
During your six-month Medigap open enrollment period, you can apply for coverage. This period commences automatically when you reach the age of 65 and enroll in Medicare Part B. It’s important to note that, regardless of your health, you can select any Medigap policy available in New Jersey during this time.
While obtaining coverage after this enrollment window is still possible, it may come at a higher cost as insurance providers evaluate your health, including any preexisting conditions, during the underwriting process.
We recommend you consult your insurance agent to understand the deadlines and enrollment periods.
Is there a Medicare Supplement plan in New Jersey that covers everything?
If you were eligible for Medicare before Jan. 1, 2020, Plan F offers the most comprehensive coverage. However, Plan G typically provides more coverage than other options if you became eligible after that date.
Who is the best Medicare Supplement provider in New Jersey?
Mutual of Omaha offers the best Medicare Supplement plans in New Jersey.