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Medicare Supplement Insurance in New Jersey

NJ Medicare enrollment quick facts:

Medicare Supplement insurance (also called Medigap) helps senior and disabled New Jersey residents pay for certain Medicare co-payments, deductibles, and other costs. Currently, insurance companies can offer state residents one of the 10 standardized Medigap plan options: Plans A, B, C, D, F, G, K, L, M, and N.

New Jersey Medigap enrollment statistics

According to AHIP, over 34% of New Jersey Medicare beneficiaries were enrolled in a Medigap plan in 2014.

Certain Medigap plans are more popular than others. The chart below shows which were most popular in New Jersey in 2015, according to AHIP.

Popularity ranking Plan Total enrollees in 2015
1 F 171,015
2 C 77,161
3 N 64,603
4 G 35,181
5 A 8,720
6 B 3,776
7 K 2,756
8 D 2,611
9 L 2,295
10 M 17
 — Old plans* 54,455
 — Pre-standardized** 14,903
*Plans no longer available for purchase, including Plans E, H, I, and J.**Pre-standardized plans are policies sold before July 1992.

Medicare Supplement Insurance pricing methods

Medigap pricing methods are important because they dictate how your premiums may increase in future years. There are 3 different pricing methods:

  • Attained-age rated: The premium increases as you age.
  • Issue-age rated: The premium is based on your age when you buy and it may increase due to inflation and other factors, but not due to your age.
  • Community rated: The same premium is charged to all Medigap policyholders.

The majority of Medigap plans in New Jersey are attained-age rated, according to the Kaiser Family Foundation (KFF).1

Under-65 enrollment rules

Although Medicare Supplement insurance is primarily for senior citizens, it also covers disabled people and those with end-stage renal disease (ESRD). Each state’s insurance department dictates the rules governing Medicare beneficiaries under the age of 65.

According to the KFF, insurance companies selling Medigap policies in New Jersey must offer at least one plan to under-65 Medicare beneficiaries who are disabled or have ESRD. Insurance providers must offer open enrollment period protections for beneficiaries who are 50 or older with a disability or ESRD. These beneficiaries will have access to Plan C with guaranteed issue rights and without underwriting.

Medigap insurers in New Jersey cannot charge under-65 policyholders premiums that are higher than the lowest advertised rate as their senior policyholders. Insurers do not have to offer the same premium for all non-seniors.

Learn more

1 https://kaiserfamilyfoundation.files.wordpress.com/2013/04/8412-2.pdf#page=24

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