Getting Medicare Supplement Coverage in New Jersey.  5 Important Tips.


bergen county New Jersey

Finding a Medicare Supplement Insurance plan that ideally fits your unique needs, is not easy.  However, if you want to ensure that your financial future is a stable one, nothing could be more important.

In the U.S., insurmountable medical bills is the number 1 reason individuals and families are drawn into bankruptcy.  You can go a long way toward preventing such a calamity by researching the nuances of Medicare, as well as the Medicare Supplement Insurance plan options that are available to you.  Such may be time consuming.  However, when it comes to financial peace of mind, it is time well spent.

We highlighted 5 tips that should help you acquire a quality Medicare Supplement plan in New Jersey.  Please keep in mind, the 5 tips outlined below, should only be considered a guideline.  These tips do not encompass every factor you should consider.  Of course, you should also consider issues of finance.

Please don't hesitate to call if you have any questions.  We are here to help.

Tip #1.  Do not delay

When it comes to supplement coverage (sometimes referred to as Medigap Plans), the sooner you start researching options, the better.  The first thing you will want to do is ensure that you are eligible to purchase a Medicare Supplement Plan.  To be eligible, you will need to be enrolled in both Part A, and Part B of Medicare.  If you are eligible, there is an initial enrollment period of seven months that begins 3 months before your 65th birthday.  This enrollment period is the ideal time to get your Medicare Supplement Policy in place.

Good to know:  Want to really know the particulars concerning a health care plan?  Request the "evidence of coverage" document associated with the plan.  The evidence of coverage document is what you need if you want to understand in perfect detail, exactly what a health care plan covers.  You will find a thorough explanation of benefits, exceptions, and exclusions.  The evidence of coverage document provides details that may not be listed in that glossy plan brochure, or any online verbiage detailing plan benefits.  In most circumstances, this document is legally required to be associated with most any health plan policy.  It is available to consumers.  You need only to ask.
Tip #2.  Understand your budget.

Currently, there are 10 different Medicare Supplement plans in the market.  These plans are standardized.  This means the plan benefits are the same - no matter which insurance company you purchase the plan from.  In other words, An F plan purchased from say Aetna Health and Life, provides the exact same level of benefits as a plan F purchased from Cigna, or AARP.  Even though the benefits are the same, the prices can vary significantly depending the insurance company that you choose to buy from.  Pricing can also vary dependent upon where you live.  For example, the price to purchase a Medicare Supplement plan A in Bergen County, may be different than the same exact plan A purchased in Essex County.  Whichever plan you choose, you will want to access whether or not the price of the plan will fit comfortably into your budget.

Tip #3.  Review the Medicare Supplement Plan types.

You will quickly discover that there are many healthplan options for you to choose from.  Medicare Supplement plans in New Jersey (and most other states), are designated by letters of the alphabet (A-N).  Each option provides coverage for a distinct level of incurred medical fees that would not be covered by Medicare.  These plans and their myriad of benefits can be confusing.  For clarification, please give us a call.

Good to know:  Each insurance provider has a formulary or list of medicines covered by the plan.  If a medicine is not on the formulary it may not be covered and you may have to endure a potential nightmare attempting to find an alternative medication.  The list of covered medicines is also often divided into tiers, which determines how much of a copay or coinsurance you may have to pay.  Make a list of your current medicines and compare it to the plan's formulary to make sure your medicines are covered and you understand the out-of-pocket costs that may be associated with them.

4.  Avoid any health plan that is not specifically designed to complement Medicare.

There are a lot of plans out there.  Critical illness, short-term health insurance, long-term-care plans, and alternative healthcare sharing plans, to name a few.  They all can provide great value when utilized for a specific circumstance.  However, they are not to be used as a complement to Medicare.  Do not allow yourself to be "sold" such a plan as a solution to uncovered Medicare costs.

5.  Get in touch with a Medicare Supplement insurance specialist.

Contacting a Medicare Supplement Plan specialist is usually the best way to find out about the plan options that are available to you. is a brokerage that focuses on Medicare options.  We are licensed with all the major insurance carriers that offer Medigap plans.  Insurance carriers we work with include: Blue Cross Blue Shield, Humana, Mutual of Omaha, AARP, and more.



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