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How Much Does A Medicare Supplement Plan Cost In New Jersey?


How much does a Medicare supplement plan cost in New Jersey?  Well, that depends upon a variety of factors.  Generally, Medicare supplement plan monthly premiums tend to run slightly higher in New Jersey than they do in other nearby states.  But there are other factors that have a far greater impact on price.

Keep in mind that when searching for the ideal Medicare supplement plan, cost is a significant factor, is should not be the only factor you should consider.  The most important factor should always be the overall quality of the plan you choose.  This includes the benefits of the plan itself, as well as the company that is behind the plan.  Once you are satisfied with the aforementioned qualities of the plan, only then should you consider price.

Good to know:  If you have outstanding medical bills, sometimes, phone calls just don't cut it.  In those times, you may have to take a trip to meet with members of your healthcare facility's billing department one-on-one.  Often, you will be able to work out a deal by meeting in person that you may not have achieved over the phone.  When you go to your meeting, make sure that you give your hospital detailed information of your finances and current medical situation.  Often, healthcare providers are willing to work with you to iron out an affordable alternative to traditional payment options.  In some cases, you may even be eligible to discounts and other benefits to which you would otherwise not have been given access.

We will list the factors that impact the premium rates of Medicare supplement insurance.  They are ordered from the most significant impact, to the least:
  • Plan Type
  • Age
  • Company
  • Tobacco Use
  • Health Status
  • Region
  • Gender

Plan Type
The most significant factor is the plan type that you choose.  For example, the monthly premium of a plan type "F" is going to be significantly higher than the monthly premium of a plan type "K".  This is because each Medicare supplement plan type offers a different benefit structure.  All supplement plans are designed to cover medical costs that are not covered by traditional Medicare.  However, some plans pick up more medical costs than others.  These benefit differences are reflected in monthly premium.

Age
With very few exceptions, the older you are, the higher your monthly premium.

Hackensack Meridian Health Southern Ocean Medical Center
1140 NJ-72
Stafford Township, NJ 08050
Telephone: (609) 597-6011
Plus Code: PPC7+5X Stafford Township, New Jersey




Company
In New Jersey, Medicare supplement monthly premiums vary wildly depending upon which insurance company you buy the plan from.  The fact that plan benefits may be exactly the same, does not mean the monthly premium will be.  While traditional Medicare is a government program, Medicare supplement plans are offered by private insurance companies.  They get to set the pricing of the plans they offer.

Tobacco Use
Most insurance companies in New Jersey will charge a slightly higher monthly premium for Medicare supplement coverage if you smoke or chew tobacco.

Health Status
In some cases, if you are not enrolling within the open enrollment - guarantee issue time frame for Medicare supplement coverage, some companies in New Jersey will charge you a higher rate if you have specific medical issues.  Please contact us if you have questions concerning this.

Gender
Both Medicare supplement and Medicare advantage plan insurance companies tend to offer slightly lower premium rates for women.

Where you live in New Jersey
Your Medicare Supplement plan monthly premium will vary depending on where you live in New Jersey.  Usually, monthly premiums in rural areas tend to be slightly lower than monthly premiums in large metropolitan regions.

Insurance companies offering Medicare Supplement and Medicare Advantage plans include:

  • AARP
  • Mutual of Omaha
  • Combined
  • IAC
  • Gerber
  • United of Omaha
  • Humana
  • Cigna

On Average For 2024

On average, in New Jersey, for a standard plan A, the average monthly premium for a 65 year old non-tobacco, female applicant would be: $118.00 - $148.00.
On average, in New Jersey, for a standard plan A, the average monthly premium for a 65 year old non-tobacco, male applicant would be: $137.00 - $171.00.

Good to know:  Read bills carefully.  Up to 50 percent of your doctor or hospital bills may contain mistakes that end up costing you money, says Jane Cooper, president of Patient Care, a consumer advocacy group in Milwaukee.  Something as simple as an incorrect billing code could prompt your insurance to pay less than expected or even reject your claim.  Other common errors: mistakes in an account number, claims with incomplete information - even claims sent to the wrong insurance company address by a doctor.  Read your benefits booklet carefully to make sure your plan is paying all it should.  If you catch an error, send a certified letter to your insurer.  Follow up in a few weeks to make sure the mistake is corrected.
courtesy of Parents.com


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