The best Medicare plans in New Jersey are the ones that fit your budget and cover all of your healthcare needs. The same plan will not be the best for every person. Look for a plan with costs within your budget and coverage to suit your healthcare needs.
Original Medicare (Part A and Part B) will cover 80% of your healthcare costs, excluding dental, vision, hearing, long term care, and prescription costs. It has no out-of-pocket maximum, meaning you could pay the Part A deductible multiple times within the year and have to pay endless copays and coinsurance without help.
Medicare Supplement plans were built to help cover the out-of-pocket costs left over from Medicare Part A and Part B. Depending on the plan, you could find coverage for Part A coinsurance and hospital costs; Part B copays and coinsurance; your first three pints of blood; Part A hospice care; skilled nursing facility care; the Part A deductible; the Part B deductible (if you became eligible for Medicare before 2020); Part B excess charges and foreign travel emergency care.
Medicare Advantage plans are an alternative to Original Medicare, but most plans operate using networks of healthcare professionals, so you could not see just any doctor who accepts Medicare. These plans may have coverage for prescription drugs or additional packages to cover dental, vision, or hearing.
People with few healthcare needs may find New Jersey Medicare Advantage plans to be an affordable option. People who can afford the higher monthly premiums can consider Original Medicare with a Medicare Supplement plan; Plans F and G are comprehensive and will cover your out-of-pocket expenses.
Best Medicare Plans for People with Complex Medical Needs
The best choice for someone 65 or older with chronic conditions or a disability would be Medigap plans with comprehensive coverage. Plans F, G, and N will provide you a good deal of coverage for out-of-pocket costs related to Medicare Part A and Part B. This is especially helpful for people who have high healthcare costs.
Best Medicare Plans for Healthy People on a Budget
Healthy people who can pay for the comprehensive coverage brought by the Medicare Supplement Plans F and G should go that route.
Plan N is another great option. This plan covers everything that F and G cover except for the Part B deductible and Part B excess charges. Excess charges are the costs that healthcare institutions may charge you up to 15% above the Medicare-approved amount for covered services. With Plan N, your Part B out-of-pocket costs are covered except for small copays.
There are also lower cost Medicare Supplement plans, but these carry less coverage.
If the Medicare Supplement plans are out of your price range, healthy seniors can go with a Medicare Advantage plan. These carry the same coverage as Original Medicare but have maximum out-of-pocket limits so your spending won’t be out of control. To find the best Medicare Advantage plan in New Jersey, you should search for a plan that has coverage in your area and is in your price range.
Choosing a New Jersey Medicare Plan
Consult the team at Jersey Medicare Solutions for more information on Medicare plans in your area and choosing the right one for your situation.
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.
