New Jersey Medicare Advantage Plans
New Jersey Medicare Advantage Plans are health plans approved by the federal government and are run by private insurance companies. These plans are also sometimes referred to as Medicare Part C. Although Advantage Plans are not supplement plans, they must follow rules set by Medicare. When you join a Medicare Advantage Plan, you use the health insurance card provided by the plan for your health care. Depending on which type of Medicare Advantage plan you select you may have to go to doctors and hospitals that belong to the plan, referred to as the network. Referrals may also be required. Many Medicare Advantage Plans include prescription drug coverage and limited additional benefits such as hearing and vision.
All Medicare Advantage plans have, in addition to the monthly premium, co-pays and deductibles. Some plans will have a Maximum Out of Pocket limit, typically $4,000 - $10,000 dollars annually; others will have no Maximum Out of Pocket limit. In general Medicare Advantage plans will cost less than a comprehensive Medicare Supplement plan and can be an attractive alternative to those on a tight budget.
Types of New Jersey Medicare Advantage Plans
- Health Maintenance Organization (HMO) - You must use doctors and hospitals in the network and referrals are generally required.
- Preferred Provider Organization (PPO) - You have the ability to go out of network to the doctor and facility of your choice. This plan carries a higher premium than a Medicare Advantage HMO and you will have higher co-pays and deductibles for services received out of network.
- Private Fee-for-Service (PFFS) Plans - A PFFS allows you to choose any doctor or hospital of your choice provided they accept the plans terms and payment schedule. You must first contact the doctor or hospital to determine if they will accept the plans terms. It is important to note a doctor or hospital is not obligated to treat you a second time.
When comparing Medicare Advantage Plans that include prescription drug coverage it is essential that you do a Prescription Drug Coverage and Cost Comparison to understand the true cost of the plan. As with Medicare Part D, each year you should review and compare your Medicare Advantage plans cost and coverage's during the Annual Enrollment Period (AEP) which is November 15th through December 31st. Remember the Annual Enrollment Period is also the time for the companies to make their cost and coverage changes.
If you would like more information on New Jersey Medicare Advantage plans please send us a message or call us at 1-856 904-5644.
