Elderly people in New Jersey who have enrolled themselves in Medicare are aware that their Original Medicare Plan only covers 80 percent of the total health-care expenses. What about the rest 20 percent? For people living in New Jersey, buying Supplement Insurance coverage from Medicare can prove to be quite beneficial.
Your New Jersey Medicare Supplement Plan provides insurance coverage for the remaining 20% of the costs related health care. This 20% constitutes the co-insurance, co-payments, and deductibles.
An Insight to New Jersey Medicare:
New Jersey Part A Medicare: For people who remain in the hospital for one day, Medicare in New Jersey tends to cover all the costs for the initial 60 days as soon as the deductible has been met. This deductible is reinforced after every 60 days for continuous admission to the hospital. For 61st day until 149th day, one has to pay co-payment every day. After 150 days, a person will have to pay for all the expenses entirely on his own.
New Jersey Medicare Part B: This would pay the costs for all your visits to the doctor, laboratory tests, etc. New Jersey Medicare Part B covers only 80% of the total cost which means that you ought to pay for the remaining 20%.
New Jersey Medicare Part C: Advantage Plans from Medicare is another name for Medicare Part C. Elderly people can be a part of Medicare Advantage Plan by purchasing a suitable plan from any private Medicare Supplement Company. The premium for Advantage Plans avaialble in New Jersey is quite low as compared to the premium for Medicare Part B.
Nevertheless, under a New Jersey Medicare Advantage Plan, a person requires paying co-insurance, co-payments and deductibles. There are various kinds of insurance Plans available in New Jersey such as PPO, HMO and PFFs etc.
Medicare Part D: New Jersey Medicare Part D prescription drug coverage can help you in providing covering up the costs of prescription medicines. This insurance policy is quite cheap as compared to other policies.
New Jersey Medicare Supplement Insurance: This insurance is also provided to as Medigap and is provided by various private insurance providers in New Jersey. Supplement Plans from Medicare offered in New Jersey helps filling up gaps that the original Medicare does not fill in. New Jersey Medicare Supplement Policies provide coverage for co-payments and deductibles for Medicare Parts A and B.
The question that now arises is which is better for you - a New Jersey Medicare Advantage Plans or Supplement Plan in Medicare available in New Jersey? As mentioned above, Medicare Advantage Plans are provided by private insurance companies and are administered in a similar way as group health insurance with co-payments, deductibles and a panel of doctors.
With a Supplement Plan you have full control to choose your own doctor. Medicare Supplemental Insurance Plans are standardized by law into ten major plans, Plan A through Plan N. This implies that Company A must provide sane Medicare benefits in their Medicare Plan F as Company B.
Although the benefits of these plans are identical, the premium rates may vary from company to company. There are a few Supplemental plans from Medicare in New Jersey that offer very high premium rates while some provide lower premiums. It is completely upon you to pick which one is best for you.
In case you live in New Jersey and turning 65, make it a point to check out your Medicare options - New Jersey Medicare Supplement Insurance or New Jersey Medicare Advantage Plans.