Key Takeaways
- 1Medigap plans help cover out-of-pocket costs from Original Medicare
- 2Plans are standardized and labeled A through N
- 3You can see any doctor who accepts Medicare
- 4Best time to enroll is during your Medigap Open Enrollment Period
Medicare Supplement plans, also known as Medigap, help pay for healthcare costs that Original Medicare doesn't cover, such as copayments, coinsurance, and deductibles. Here's what New Jersey seniors need to know about these plans.
What Medigap Plans Cover
Medigap plans are standardized by the federal government. Each plan type offers a different level of coverage, but the benefits for each letter plan are the same regardless of which insurance company sells it.
Available Medigap Plans
| Plan | Part A Coinsurance | Part B Coinsurance | Part B Deductible |
|---|---|---|---|
| Plan A | Yes | Yes | No |
| Plan B | Yes | Yes | No |
| Plan G | Yes | Yes | No |
| Plan N | Yes | Yes (copays may apply) | No |
Best Time to Enroll
The best time to buy a Medigap policy is during your Medigap Open Enrollment Period. This 6-month period starts the month you turn 65 and are enrolled in Medicare Part B. During this time, you have guaranteed issue rights, meaning insurance companies cannot deny you coverage or charge more due to health conditions.
Medigap vs Medicare Advantage
You cannot have both a Medigap plan and Medicare Advantage plan at the same time. When choosing between them, consider your healthcare needs, budget, and preferences for how you receive care.
