Medicare Supplement Plans in New Mexico

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New Mexico Medicare Supplement plans include coverage for deductibles, copayments, and coinsurances beneficiaries would otherwise be responsible for paying.

Having this coverage eliminates the risk of outrageous medical expenses.

Medicare Supplement Plans in New Mexico in 2020

Let’s say Michael has Traditional Medicare and a Part D policy. Well, Michael thinks he’s covered because he doesn’t understand that the difference between $20 and 20% is enormous.

Michael goes to the Emergency Room because he suffered a minor stroke. At the ER, he’s admitted, and routine tests are completed. Michael is going to need regular doctor visits and further care.

The Part A deductible must be paid for admission to the hospital, that deductible is $1,408. Also, Michael needs to pay 20% of any remaining expenses.

Now, if Michael breaks his leg next month, he’ll pay the Part A deductible AGAIN next month.

When Michael goes to his doctor for routine care outside of the hospital, he’ll pay the Part B deductible. Part B deductible is $198 annually. After the Part B deductible, Michael will pay 20% of the remaining expenses and future expenses for outpatient care.

Now, we helped Michael enroll in Medicare Supplement Plan N. Michael didn’t need to pay the hospital $1,408 deductible OR 20% of the hospital expenses. Also, he only pays $20 to see his doctors, NOT 20%!

Be like Michael and protect yourself by enrolling in a New Mexico Medicare Supplement plan today!

New Mexico Medicare Options Explained

Medicare eligibility happens for most at age 65; many seniors are automatically enrolled in Part A if already receiving Social Security. Part B has a monthly premium and, depending on income, could be higher or lower than the standard $198 amount.

Having prescription drug coverage as soon as Part B is effective will eliminate your risk for the Part D late enrollment penalty. Even if you don’t take medications, enrolling in a plan is beneficial.

Some people choose Medicare Advantage Part C coverage; these policies can have drug coverage included as well as other routine ancillary benefits. In certain areas, these plans cost as low as $0 a month. However, should some major medical issues arise, the medical expenses could quickly drain a savings account.

Many seniors choose Medicare Supplement coverage because the premium payment ensures great coverage when medical needs arise. See, Michael didn’t need to pay 20% of the test done in the hospital; well, with some MA policies, you still pay the 20%. This is because they only have to cover as good as Medicare.

Medigap fills the gaps in Medicare, giving you more comprehensive coverage.

Eligibility for Medigap Plan in New Mexico

The general rule is that the first day of the month you turn 65, Part B begins. So, if you’re birthday is April 5th, then Part B likely goes into effect on April 1st. This means from April 1st until September 30th; you can select a Medicare Supplement plan without facing medical underwriting.

This 6-month window is known as the Medicare Supplement Open Enrollment Period. During this phase, you have Guaranteed Issue privileges; this allows you to enroll in any Medicare Supplement plan and get the best premium regardless of health.

If a beneficiaries’ employer group plan substantially reduces benefits, they qualify for GI rights to purchase a Medigap policy. Documentation is usually a requirement.

New Mexico Supplemental Medicare for those under 65 and disabled

Medigap insurance companies offer at least one Medicare Supplement to those under 65. However, Medicare Supplement plans tend to be higher for those on disability because of the claims risks.

Most beneficiaries under 65 find Medicare Advantage plans to be more suitable for the wallet.

However, upon turning 65, any disabled beneficiary can enroll in Medicare Supplement coverage without medical underwriting. This means a lower rate and better coverage the first day of the month you turn 65 years old!

Best New Mexico Medicare Supplement Plans

The most popular Medicare Supplement plans are Medicare Supplement Plan N, Plan G, as well as Plan F. These are also the most commonly selected plans in the nation.

The coverage for Plan F in Albuquerque is the same as Plan F in Rio Rancho. Most people select this coverage because it’s more comprehensive; however, plan F is being eliminated in 2020.

To better understand which plan will work best with your wallet and healthcare needs, contact an agent.

Enrolling in New Mexico Medicare Supplement Plans

Enrollment into a New Mexico Medicare Supplement plan is a piece of cake; you can join over the phone with a licensed agent by calling the number above.

The best part about choosing a broker to help you find a plan; they care more about your needs than making a commission with one company. This is because our agents represent the top Medigap carriers; so, finding quality coverage is more comfortable because they aren’t relying on coverage from one company.

New Mexico Medicare Supplement Plans Premiums

The majority of New Mexico Medicare Supplement Plans are attained-age rated, which means that the premium increases as you become older. Premiums vary between people, depending on the time of enrollment, age, gender, smoker status, as well as location.

To obtain the most accurate Medigap quote in your area, contact a licensed insurance agent today!

Medicare Advantage Plans in New Mexico

Medicare Advantage in New MexicoAdvantage plans change coverage and prices from county to county. There are limitations and restrictions in place that vary from plan to plan. The government isn’t standardizing Medicare Advantage plans.

In 2019, 34% of New Mexico residents enrolled in a Medicare Advantage plan.

When you enroll in Medicare Advantage coverage, you must follow plan specific rules. Medicare Part A and Part B no longer cover the claims; you rely on the insurance company to approve needed services and supplies.

While these policies have lower premiums, the out of pocket expenses can be unbearable when health conditions worsen with age. You can compare these policies by visiting the CMS website.

Once you turn 65, enrolling in a Medigap plan is the best way to protect yourself from draining your retirement savings on a visit to the hospital.

Medicare Prescription Drug Coverage

New Mexico Medicare Part D Prescription Drug PlansEnrolling in Part D with an effective date the same as Part B is highly recommended.

When you do this, you avoid the Part D late enrollment penalty.

For those taking prescriptions, Part D has a formulary list of covered drugs.

Double-check to ensure the plan will cover all your medications. Don’t enroll in policy just because of a low premium.

Sometimes, you save more by paying a higher premium and lower out-of-pocket costs.

Talk with an agent about the most suitable policy that covers the medications you take.

Learn More About Medicare Coverage

The New Mexico Aging and Long Term Services Department will help over 200,000 residents annually. Stay up-to-date with Medicare information by subscribing to the CMS Newsroom.

Enrolling in a policy through one of our brokers makes you eligible for future assistance with any issue, provided by our client care team.

When you want to re-evaluate your coverage, file a claim or an appeal, contact our client care team, and get the care you deserve.

To obtain a quote, contact an agent at the number above! Be like Michael and get the coverage you need and deserve.

Don’t have time to call? Fill out an online rate form today!