Medicare Supplement Insurance in Newark, New Jersey

Large gaps in Medicare Parts A and B have been enough to send too many retirees to the brink of their lives with undue stress and debt. So how can smart seniors save their hard-earned funds? This isn’t just a fight for cash, but a fight for the lives of seniors throughout New Jersey. In Newark, there are assuredly more challenges than most in finding the right coverage. Medicare coverage gap insurance is one way to help.

Senior Medicare in Newark: Facts and Figures

  • There are 27,362 senior citizens living in Newark right now
  • There 10 hospitals in the Newark area where seniors can get emergency and/or in-patient care 
  • 21% of New Jersey seniors have a Medicare Advantage plan 
  • 26% of seniors have a Medicare Supplement (Medigap) plan
  • Which leaves 53% of seniors potentially uninsured or underinsured against costly Medicare coverage gaps!

Aging makes everyone more at risk for particular diseases. Most of which will last for the rest of our lives, and require increasing amounts of care. Some may get better, but the more likely option is that they’ll continue to worsen with time. Not only will your health be at stake, but your financial security as well. Medical expenses are on the rise every single year, and fiscal evidence shows they will likely continue well into the future. There is also the potential that you might experience more than one of these diseases at the same time, doubling your medical bills.

Disease Prevalence (in Newark)
Arthritis 22%
High Blood Pressure 36%
Coronary Heart Disease 6%
Diabetes 14%
Kidney Disease 4%

Healthcare Costs in Newark, NJ

Of course, all of us are concerned with getting the proper care and the cost of that care. Prescriptions, monitors, patient care while in the hospital, outpatient, general visits, all of these add to the entire cost. Seniors are living longer, but at times that can become just more time to pay more bills, since medical costs continue to rise annually. Considering those two factors, it’s understandable how costs can quickly become unmanageable for even those who have saved ahead of time. It is vital to be informed about today’s health care options for seniors, in order to protect your life and health into your golden years.

Disease Prevalence (in Newark) Annual Cost of Treatment
Arthritis 22% $294
High Blood Pressure 36% $356
Coronary Heart Disease 6% $8,882
Diabetes 14% $2,173
Kidney Disease 4% $8,563

Medicare Advantage Savings in Newark, NJ

While the name ‘Medicare Advantage’ might make you think these programs are government-offered, that is not actually the case. Medicare Advantage is its own form of private insurance. It is approved by the government to sell to seniors who are already enrolled in Medicare. Instead of paying for your insurance costs directly, the government pays their share to Medicare Advantage, and you pay the rest of the premium. Law requires that Medicare Advantage plans provide at least every benefit which a Traditional Medicare plan offers, but they go much further than just basics.

Seniors with chronic ailments have stated that they feel the coverage is better for their needs with Medicare Advantage plans. Most chronic diseases – for instance, arthritis, high blood pressure, and diabetes – mandate constant management and effort to control. This can include medications, equipment for testing, and an increased number of doctor and hospital visits, among others. Sadly, these conditions tend to get progressively worse, which ends up costing more and more as time goes by. There are Medicare Advantage plans which can cover even more than a Medicare plan which includes extras, like Part D. It is time to start saving with Medicare Advantage, in order to be prepared when the time arrives.

Medicare Advantage plans cover every bit as much as Medicare Parts A and B, and then even more. They can include all of those doctor visits and pieces of equipment, as well as potentially a plan for necessary drugs. A majority of the offered plans are presented with an option to include any combination of the variety of expenses – even dental or vision. Since the government pays a portion of the Medicare Advantage premium, many seniors can enjoy an additional monthly premium starting as low as $0. Coinsurance and copays will still be patient responsibilities, as well as out-of-pocket costs, but they will be significantly reduced.

Medicare Supplement (Medigap) Savings in Newark, NJ

Medigap policies can help to save so much money because they work differently than other policies, particularly when it comes to Medicare Part A. The most difficult conditions – like kidney failure or coronary heart disease – can cost upwards of thousands of dollars, even potentially reaching six figures. And that’s just for hospital stays and inpatient treatments, not including continuing care outside of the hospital setting. If you have to stay in the hospital for a prolonged period of time, or have a procedure like a blood transfusion, those aren’t completely covered under Medicare Part A. That is why you need supplemental coverage like Medigap to fill in those holes in coverage and protect against costly additional medical expenses.

Currently, there are four different plans tailored for exactly the above coverages. These plans are: Plans A, D, K, and L. There are additional plans which cover gaps in Part A as well as gaps in Part B, but we will discuss those in a moment. For now, it is important to understand that if you do not need the gap coverage for traditional Medicare Part B, buying a supplement plan which only covers gaps in Part A will come with a lower premium, thus saving even more money.

Medigap Plans B, C, F, G, M, and N, are all created to cover the gaps in both Medicare Part A as well as various other aspects of Medicare Part B. The more thorough the coverage in your plan, the higher the premium is likely to be. But, this also means that you will likely have much less out-of-pocket costs, so it still could save you money in the long run. It all depends on your specific insurance and healthcare needs. Be certain to note that Plan F is set to retire in 2020, and will not be offered any longer as of 2021.

Traditional Medicare Part B covers any medical aspect that Part A cannot. This generally includes outpatient procedures, regular office visits, and medical testing home equipment. Responsibilities like coinsurance and copays will remain with the patient, as well as any premium. These costs too can be hard to handle, but thankfully there is no shortage of choices to help further reduce them.

Medicare Advantage has coverage options for prescriptions, dental, and vision, for additional premium costs. However, Medicare Supplement Insurance does not. Original Medicare offers Part D for these coverages, which can be purchased with or without any other Original Medicare parts. A Google search for Newark plus the terms “dental” or “vision” and “insurance” can yield several alternative options as well, many of which are quite cost-saving.

Seniors living in Newark, NJ must know that having supplemental Medicare coverage is necessary for going into the final stage of life. It protects your retirement savings, as well as your health. Medical costs are only going to continue to rise for all, and especially seniors. That is beyond anyone’s control. But what you can control is how well you prepare. You must find a Medicare supplement policy that is comprehensive enough for your medical needs, and still fits your monthly budget. We want to help you find that policy today. 

Medigap Plan Minimum Monthly Premium Maximum Monthly Premium Average Estimated Monthly Premium (Part B Premium Included)
Plan A $99 $234 $302
Plan B $139 $290 $350
Plan C $165 $329 $383
Plan D $277 $277 $413
Plan F $157 $314 $371
Plan F (high deductible) $48 $86 $203
Plan G $139 $269 $340
Plan K $54 $124 $225
Plan L $78 $149 $249
Plan M $154 $158 $292
Plan N $109 $225 $303

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