New Jersey
New Jersey
New Jersey is one of the many service areas in which Medicare Professionals provides its services. Here, you can enjoy coverage such as life insurance, final expense, Medicare, Medicare Advantage, and Medicare Supplements (Medigap).
Life Insurance
Life insurance involves paying premiums to release a death benefit to surviving loved ones after you pass away. It comes in multiple forms to serve different purposes.
Examples of life insurance include term life and whole life:
- Term life – temporary life insurance that expires after a certain number of years; lower premiums; smaller death benefit; usually purchased to cover outstanding mortgage balances
- Whole life – permanent coverage; higher premiums, but has a higher death benefit; intended as a financial cushion for beneficiaries
Final Expense
Final expense insurance is a form of permanent life insurance. It is commonly used to cover funeral expenses, which as of 2023, can be up to $12,000. It features:
- Permanent coverage
- No medical exams as part of the underwriting process
- A smaller death benefit, ranging anywhere between $2,000 and $50,000
- Inexpensive premiums due to its relatively low death benefit
Medicare
Medicare consists of Part A, Part B, Part C, and Part D:
- Part A covers inpatient expenses
- Part B covers outpatient costs
- Part C, also known as Medicare Advantage, combines inpatient and outpatient coverage, plus other forms of coverage not seen in Original Medicare (Part A and Part B).
- Part D covers prescription drugs
Medicare Advantage
If you’re enrolled in Original Medicare, you can get Medicare Advantage. Here, you can get inpatient and outpatient coverage, plus possible coverage for dental, vision, and hearing services. This is a private insurance plan, so coverage will vary between companies.
Two common types of Medicare Advantage plans include:
- Health Maintenance Organization (HMO) – coverage takes place within a network. You’ll choose a primary care doctor who will direct the course of your care and refer you to specialists.
- Preferred Provider Organization (PPO) – allows for out-of-network coverage but incentivizes seeking care from in-network physicians by providing policyholders with a greater discount for seeing them. You don’t need a referral to see specialists.
Medicare Supplements
This is commonly referred to as Medigap. This policy is supplemental, meaning you need to have Original Medicare to get it. Instead of the expenses falling directly into your hands after Medicare covers what it can, your Medigap plan will cover whatever it can of remaining out-of-pocket costs. This could even mean that you won’t have to pay anything out-of-pocket in some instances.
Find Your Policy Today
As a New Jersey resident, you can get your coverage from Medicare Professionals. We are passionate about giving you the greatest policies at the lowest price possible. Don’t wait – call us today at (914) 966-9839.
We are committed to helping you realize your health and financial goals by making you aware of all your options so that you can make the best choice for yourself and your family.