4 Benefits of Medicare Advantage Plans in New Jersey

by Digital Solution Expert Digital Solution Expert

By July of this year, over 1.6 million were covered by Medicare health plans in New Jersey. Almost a third of these select Medicare Advantage plans. Beneficiaries for this plan in New Jersey can choose between 11 and 43 Medicare Advantage plans this year, depending on their county. Across the USA, 85% of enrollees use Medicare benefits because of their age, while the remaining percentage are eligible due to disability.

Customize your insurance plans

Beneficiaries of Medicare can choose from numerous options to access coverage. Their first choice is between Medicare Advantage (person enrolls with a private health plan but under contract with the federal government) or Original Medicare (coverage paid by the federal government). These beneficiaries also have options for Medigap policies and Medicare Part D (prescription medication) coverage.

The Medicare Advantage plan is also known as Medicare Part C or an MA plan. It takes the place of Original Medicare coverage and provides additional benefits. You are qualified to enroll in this plan if you are enrolled in Medicare Part A and Part B. It's a more comprehensive healthcare coverage. Medicare Advantage plans are offered by private insurance companies that are approved by Medicare. The private insurance company is paid directly and works in conjunction with Medicare for healthcare coverage.

Let's take a look at the benefits of the Medicare Advantage plan under a magnifying lens:

· Comprehensive coverage: Medicare Advantage plans cover all the benefits of Medicare Part A and Part B. Many plans include prescription drugs, hearing, vision,dental benefits, andfitness programs like SilverSneakers. Medicare Advantage plans facilitate comprehensive healthcare coverage and keep you protected in case of an unexpected illness or injury.

· Maximum out-of-pocket: The plan allows you to select benefits through a private insurance vendor, providing the convenience of a single plan and a 'one-stop-store' for all medical and prescription drug cover. Each plan has a limit for maximum out-of-pocket on health expenses. Once the limit is crossed, medical expenses will be covered in full. It is very beneficial for those with high medical expenses.

· Familiarity: For those who've been on an employer's health insurance plan, they'll find a Medicare Advantage plan is similar and easy to understand. They will be familiar with terms like deductibles, coinsurance, physician networks, and other elements used for health insurance.

· Emergency/ Urgent Care: Medicare Advantage plans in New Jersey offer emergency and urgent care coverage outside the plan's service area for the entire US.

Medicare Advantage's popularity has spiked

Medicare Advantage enrollment has been growing since 2004. About 22% of beneficiaries for Medicare health plans in New Jersey had coverage under Medicare Advantage plans. According to recent figures, Medicare Advantage is less popular in New Jersey than across the nation. Though, 32% of New Jersey Medicare beneficiaries were enrolled in Medicare Advantage plans by mid-2020 (the nationwide average is 40%).