Medicare Part D Plans in New Jersey
Information about Medicare Part D plans in New Jersey
Medicare beneficiaries in New Jersey can obtain prescription drug coverage through a few different plans. One available option is enrolling in a stand-alone Medicare Part D plan , also called a Prescription Drug Plan (PDP). These types of Part D plans are offered through private insurance companies and help Medicare beneficiaries cover some of the costs of their prescription drug coverage. Another option is to join a Medicare Advantage Prescription Drug (MAPD) plan, which combines the Part D drug benefit with health insurance to create one extensive plan.
Original Medicare does not typically offer prescription drug coverage except in certain cases. Those instances might include immunosuppressive drugs for organ transplant patients, a short list of oral anti-cancer drugs, and certain prescription drugs that are used in nebulizers and external infusion pumps. Thus, it is important for Medicare beneficiaries in New Jersey to sign up for prescription drug coverage through another plan, such as a Part D plan, to help pay for the costs of brand-name and generic medications. Even if you do not take medications now, it is important to consider signing up for a Part D plan to protect you against future medication costs.
A Medicare beneficiary may sign up for a Medicare Part D plan in addition to their Original Medicare and Medicare Supplement plans.
Medicare Part D plan statistics for the state of New Jersey
- Total overall Medicare Part D plans available (2013): 29
- Number of organizations offering PDPs in New Jersey (2013): 15
- Total PDPs that are eligible for low-income subsidies (2013): 10
- Percent of PDPs with a coverage gap (2013): 69%
- Average monthly premium for Medicare Part D plans (2012): $56.47
- Percent of PDPs with a $0 deductible (2013): 45%
- Total enrollment in PDPs (2012): 711,460
- Enrollment as a percentage of total Medicare population (2012): 52%
How to compare Medicare Part D plans in New Jersey
It is important to compare all Medicare Part D plans in New Jersey that are available because availability and cost may differ depending on your county of residence and the insurance company providing the plan.
Also, each individual Medicare Part D insurer or provider can decide their own formulary, or list of drugs to cover, and under which copayment tier level to cover them. This could mean that a Part D plan in one county may cover a certain medication, but may not cover it in a different county. Thus, it is important to consider your medication needs when comparing available plans.
If you want to begin your comparison of Medicare Part D plans right now, you can simply enter your zip code above and we will provide you with a detailed list of Part D plans available in your area. You may also want to enter your current medications to help narrow your search.
Data provided by the Henry J. Kaiser Family Foundation.