If you are a Medicare enrollee in New Jersey, there are some associated costs you will need to cover to stay enrolled in the program, such as premiums or deductibles. Below are the current costs of Medicare in New Jersey in 2021.
Medicare Part A
If you were employed and paid Medicare taxes for ten years (40 quarters), you qualify for premium-free Part A. For enrollees who do not qualify for premium-free Part A, the monthly premium in 2021 is $471. However, if you worked between 30 and 39 quarters, you will pay $259 per month.
There are other Part A expenses to take note of, such as deductibles, copayments, and coinsurance. The deductible for Medicare Part A in 2021 is $1,484 per benefit period. For stays as an inpatient, Medicare Part A will cover the expenses for the first 60 days. On the 61st day, you will pay a coinsurance for each day until the 90th day. The coinsurance for inpatient facility stays in New Jersey is $371. During lifetime reserve days, it may increase up to $742.
For skilled nursing facility stays, the out-of-pocket cost is $185.50 each day from the 21st day until the 100th day.
Medicare Part B
Generally, the monthly premium for Part B in New Jersey is $148.50. However, your premium can be higher if your income is above the modified adjusted gross income limit. Apart from the monthly premium, there are other Part B costs, such as deductibles and copayments. The annual deductible for Medicare Part B in New Jersey is $203.
For coinsurance costs, Part B beneficiaries will cover 20%, while Medicare Part B covers 80%.
Medicare Advantage and Part D
Medicare Advantage (Part C) and Part D plans are offered by private insurance companies and thus have varying costs. For Medicare Advantage, the costs depend on the type of plan, the insurance provider, and other factors. However, many Medicare Advantage plans have a low or $0 premium. You will also have to continue paying your Part B premium.
Also, the cost for Medicare Part D depends on factors such as income, coverage options, and location. The Part D premium will vary across plans, and so will the deductible. Some Part D plans will have no deductible whatsoever, but as of 2021, no Part D plans can have a deductible that exceeds $445.
To learn more about the costs associated with the Medicare plans available to you in New Jersey, give us a call today!
Thomas M. Brzezinski is one of the founding partners of WMAG William & Michael Advisor Group LLC and Jersey Insurance Solutions. He has been involved in the insurance industry for over ten years and specializes in developing client relationships that last a lifetime.
