Medicare Part D Plans in New Jersey
New Jersey Medicare Part D (Prescription Drug Plans) - Statistics and Facts
Are you searching for a Medicare Part D (Prescription Drug Plan) in the state of New Jersey? NJ Part D plans, offered by private insurance companies, help cover the cost of prescription drugs. Since the different Part D plans vary in terms of their deductibles, copayments, and coinsurance, it's smart to shop around. Let's start off with some interesting facts about Medicare Part D in New Jersey:
- Number of stand-alone Part D plans in the state of New Jersey: 30
- Weighted average Prescription Drug Plan premiums (2012) in NJ: $40.45
- New Jersey Medicare Part D premium change from 2011 to 2012: 4.50%
- Number of PDPs in NJ with no coverage in the gap (the donut hole): 23
- Number of NJ PDPs below the low-income subsidy benchmark (2012): 9
Data provided by the Kaiser Family Foundation:
Medicare Part D Data Spotlight: A First Look at Part D Plan Offerings in 2012
Publication Number: 8245
Lowering Your NJ Part D Out of Pocket Costs
In the recent PlanPrescriber (an eHealth subsidiary) study titled "Medicare Annual Enrollment Period Beneficiary Choice & Impact Study" (link to study below), we studied New Jersey Medicare Part D beneficiaries and their out of pocket costs. We analyzed user sessions that happened on PlanPrescriber.com during the 2011 Medicare Annual Enrollment period which spanned from November 15, 2010 to December 31, 2010. Following are some interesting facts that illustrate how comparing Medicare Part D plans is beneficial and could save many NJ Medicare beneficiaries money. Most people on Medicare Part D in New Jersey are not obtaining their lowest possible out of pocket costs.
Number of New Jersey Medicare Part D beneficiaries in the study: 584
Number of NJ PDP users with lowest possible out of pocket cost: 27
Percentage of New Jersey Medicare Part D users with lowest possible out of pocket cost: 4.6%
Quick Tips On NJ Medicare Prescription Drug Plans
Are you also considering New Jersey Medicare Advantage plans? If so, you will want to understand if your Medicare Advantage plan has Part D coverage built-in (known as MAPD plan) or if you should buy a separate stand-alone Medicare Part D plan.
Some NJ Medicare Part D plans have a gap (also known as the donut hole). This means that after a certain amount is paid out, the Part D plan beneficiary has to pay all drug expenses, up to a limit. The gap is being phased out gradually each year until it's gone in 2020. Make sure to understand if your Medicare Part D plan has a donut hole.
The initial enrollment period for Medicare Part D plans generally starts three months before you turn 65 and continues for seven months after that. After that, general enrollment happens during the Annual Enrollment Period (AEP), which is from October 15 through December 7 in 2011 (for 2012 plans).
- Medicare evaluates plans based on a 5-Star rating system. Star Ratings are calculated each year and may change from one year to the next.
- Not every plan is available statewide or in all service areas.