If you're about to reach Medicare eligible age and live in Newark, NJ, you are likely considering purchasing some type of Medicare supplement insurance.  Traditional Medicare contains several significant cost-of-benefit gaps that the consumer is required to cover out of pocket.  Without Medicare supplement coverage, one can rack up daunting medical bills rather quickly, should the unexpected occur.  Purchasing the right Medicare supplement plan can go a long way to providing the financial stability one needs in retirement.

One of the first factors you will need to consider, is price.  How much does a Medicare supplement plan cost in Newark?  Well, that depends upon a variety of factors.  Generally, Medicare supplement plan monthly premiums run slightly higher in New Jersey than they do in many nearby states.  But there are other factors that have a far greater impact on price.

We will list some of the factors that impact the premium rates of Medicare supplement insurance in Newark, NJ.  They are ordered from the most significant impact, to the least:

Plan Type

The most significant factor in any plan you choose is going to be the plan type.  For example, the monthly premium of a plan type "G" is going to be significantly higher than the monthly premium of a "high deductible plan type G".  This is because all Medicare supplement plan types are not the same.  Medicare supplement plans feature different benefit structures.  While all supplement designs cover medical costs that are not covered by traditional Medicare, some plans pick up more medical costs than others.  These benefit differences are normally the determining factor in the monthly cost of the plan.

 

Age

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

The Insurance Company Offering The Plan

In Newark, New Jersey, Medicare supplement monthly premiums vary wildly depending upon which insurance company you purchase the plan from.  The fact that plan benefits may be exactly the same - regardless of the insurance carrier, does not mean the monthly premium will be the same as well.  While traditional Medicare is a government program, Medicare supplement plans are offered by private insurance companies.  The insurance companies set the pricing of the plans they offer.
Insurance carriers offering coverage in Newark include: Blue Cross Blue Shield of New Jersey, Aetna, AARP, Humana, IAC.

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 period 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.



On Average For This Year

On average, in Newark, NJ for a standard plan A, the average monthly premium for a 65 year old non-tobacco, female applicant would be: $100 - $185.
On average, in Newark, NJ for a standard plan A, the average monthly premium for a 65 year old non-tobacco, male applicant would be: $120 - $200.

For more information concerning Medicare Advantage, Medicare Supplement or Medicare Prescription Drug Plans, please give us a call. 

Information is for educational purposes only and should not be construed as an offer of insurance, advice, or recommendation.  The information provided is not intended as tax, financial, investment or legal advice.  Please consult legal or tax professionals for specific information regarding your individual situation.
Not connected or endorsed by the US Govt or the Federal Medicare Program.  Medi-Solutions Insurance Agency, LLC is an independent Life, Accident and Health Insurance Agency, NJ Ref#1642311.  Some plans and features may not be available in all states.

Other articles:
How To Switch From A Medicare Advantage Plan To A Medicare Supplement Plan.
Learning Center.