Medicare Supplement plans in New Mexico include coverage for deductibles, copayments, and coinsurances left behind by Original Medicare that you the beneficiaries would otherwise be responsible for paying. Having Medicare Supplement (Medigap) coverage in place eliminates the burden of outrageous or unexpected medical expenses.
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Best Medigap Plans in New Mexico
The most popular Medicare Supplement plans in New Mexico are Medigap Plan N, Plan G, and Plan F. These are also the most commonly selected plans nationwide as each plan is standardized by the federal government.
To be eligible for a Medigap plan in New Mexico, you must be enrolled in Original Medicare. Then, you can choose the Medicare Supplement plan you wish to enroll in to help cover your out-of-pocket Medicare costs.
Medicare Supplement Plan F in New Mexico
Medicare Supplement Plan F in New Mexico is one of the most popular options when it comes to supplemental Medicare coverage. However, this plan is only available to those who were eligible for Original Medicare prior to January 1, 2020. Those who enrolled in Medicare after this time are not eligible to enroll in the plan.
Medicare Supplement Plan F covers 100% of the cost you pay out-of-pocket after Original Medicare covers its portion of your benefits. This means aside from your monthly premiums, you will not pay anything out of pocket for your healthcare coverage.
While this plan saves you money at the doctor’s office, it does often have the highest monthly premium. Therefore, there may be other options that work best for your situation.
Medicare Supplement Plan G in New Mexico
Medicare Supplement Plan G is the most popular plan for those ineligible for Medigap Plan F. Plan G covers everything after Original Medicare aside from your Medicare Part B deductible. Thus, once you meet your Part B deductible, you will receive full coverage for your healthcare services for the year.
This plan is a great option for someone who frequents the doctor or hospital and wishes to have the lowest out-of-pocket costs possible. Plus, the monthly premium for Plan G is not as high as other Medigap plans in New Mexico.
Medicare Supplement Plan N in New Mexico
Medicare Supplement Plan N is a great option for New Mexico Medicare enrollees who don’t receive frequent care at a medical facility but wish to have healthcare in the case of a catastrophic event.
With Medicare Supplement Plan N, you will be responsible for covering the Medicare part B deductible, $20 copayments at the doctor’s office for primary care and specialists, $50 copayments at the emergency room if you are not admitted, and excess charges if your state and doctor allows them.
New Mexico is one of several states that allow physicians to care Medicare Part B excess charges if the doctor does not accept Medicare Assignment. This means that you may be charged up to 15% more than what Medicare agrees to pay. With Plan N, you may be subject to these charges.
Among the top three plans, Medicare Supplement Plan N has the lowest monthly premiums.
How Much do Medigap Plans in New Mexico Cost?
Medicare Supplement plans in New Mexico do not cost the same as Medigap plans in other states. This is because Medigap plan pricing is not regulated by the government. Thus, carriers are able to charge any amount for your chosen plan.
Medigap premiums are based on several factors. The pricing method used by your state, your age, your gender, and your ZIP Code all play a role in determining how much you will pay for your Medicare Supplement plan each month.
The table below is a sample of what you might pay in New Mexico based on your age and gender.
| Female, No Tobacco, New Mexico ZIP Code 87114 | |||
|---|---|---|---|
| Medigap Plan | Monthly Premium Age 65 | Monthly Premium Age 75 | |
| Medicare Supplement Plan F | $117-$361* | $154-$460* | |
| Medicare Supplement Plan G | $101-$336 | $125-$349 | |
| Medicare Supplement Plan N | $78-$329 | $98-$329 | |
| Male, No Tobacco, New Mexico ZIP Code 87114 | |||
|---|---|---|---|
| Medigap Plan | Monthly Premium Age 65 | Monthly Premium Age 75 | |
| Medicare Supplement Plan F | $129-$408* | $170-$511* | |
| Medicare Supplement Plan G | $112-$379 | $143-$387 | |
| Medicare Supplement Plan N | $86-$371 | $108-$371 | |
* If on Medicare before 1/1/20
New Mexico uses Issue Age to determine your Medigap premium annual increases. This means your premium will not increase due to your age. Rather, it will increase based on external factors like inflation. States that use issue-age ratings typically have lower rate increases than states that do not.
New Mexico Medicare Supplement Plans for Those Under 65 on Disability
Medicare Supplement plans are not required to sell Medigap plans to those under 65. In New Mexico, Medigap insurance companies offer at least one Medicare Supplement to those who are on Medicare due to disability. However, Medicare Supplement plans tend to cost more for those on disability because of the claim’s 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 on the first day of the month you turn 65 years old.
Carriers Offering Medigap Plans in New Mexico
Several carriers in New Mexico offer Medicare Supplement plans. However, each carrier has its own unique perks when you become a policyholder. Although your plan’s benefits are standardized, the benefits of being a member of certain insurance companies can be individualized.
Below is a list of carriers who offer Medigap plans in New Mexico. However, this is not a comprehensive list. The carriers below are the most popular and highest enrolled in plans.
- Accendo – Instant approval for select applicants
- Aetna – Top-rated Medicare insurance company in most areas throughout the U.S.
- Blue Cross Blue Shield – Options to add additional coverage to your Medicare Supplement Plans (such as dental coverage etc.)
- Cigna – Wide range of plan availability throughout the U.S.
- Lumico – 12-month rate lock available for Medicare Supplement plans
- Mutual of Omaha – Household discounts of up to 12% available in select areas
- United American – Lowest cost for Medicare Supplement High Deductible Plans
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Additional Medicare Plans in New Mexico
Aside from Medicare Supplement plans, there are other options available for coverage in New Mexico. If a Medicare Supplement plan isn’t for you, Medicare Advantage plans are also available to enroll in. However, these plans may not be as comprehensive as Medicare Supplements. Yet, there is a plan for every situation. So, the best plan for you may not be the best for another person.
Medicare Part D plans are also available to provide you with prescription drug coverage. If you enroll in a Medicare Advantage plan, you may receive drug coverage through your advantage plan.
In addition to Medicare plans, dental, vision, and hearing ancillary coverage plans are available in New Mexico. These plans provide coverage not found in Original Medicare.
How to Apply for a Medicare Supplement plan in New Mexico
If you wish to enroll in a Medicare Supplement plan in New Mexico, our team of licensed Medicare agents is here to help. We are available to compare top plans in your area, help you understand your coverage, and help you work through any kinks in your coverage.
To obtain a quote, contact an agent at the number above! Don't have time to call? Fill out an online rate form today!
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