Medicare Supplement Plans in New Mexico

There are ten standardized Medicare Supplement plans in New Mexico for 2022, plus two high-deductible plan options. Also known as Medigap policies, the plans are designed to cover out-of-pocket costs created by gaps in Original Medicare. Beneficiaries willing to pay one monthly premium can eliminate most out-of-pocket expenses by signing up for Medicare Supplement plans in New Mexico. New Mexico beneficiaries only receive basic benefits after enrollment in Medicare Part A and Medicare Part B. Those benefits leave a lot of gaps that force Medicare beneficiaries to pay some costs out-of-pocket.

Medicare's out-of-pocket costs include:

  • Part A coinsurance
  • Part B coinsurance
  • Part B copayments
  • Part B excess charges
  • Part A deductible
  • Part B deductible
  • Medicare Part A deductible
  • Skilled nursing facility coinsurance
  • Hospice care coinsurance
  • First 3 pints of blood

Those expenses can add up over a year, and some beneficiaries find them confusing. However, enrolling in a Medigap plan in New Mexico is an easy way to trade the out-of-pocket costs for one monthly premium.

Medicare Supplement insurance plans are becoming more popular in New Mexico, but five plans stand out as the top options. Each beneficiary should compare their Medigap insurance options to select the right plan for their unique health care needs and budget.

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Medicare Supplement Plan G

Medicare Plan G offers coverage nearly identical to Plan F. The only difference is that Plan G doesn't cover the Medicare Part B deductible. There are also no eligibility restrictions for Plan G, so all New Mexico beneficiaries can apply if a policy is available in their service area.

Medicare Supplement Plan N

Medicare Plan N is a high-value plan that offers lower premiums than Plans F and G. Beneficiaries can pay less each month while picking up the following expenses out-of-pocket each year:

  • Part B deductible
  • Part B excess charges
  • Up to $20 copay for some doctor visits
  • Up to $50 copay for emergency room visits

This is the right Medicare coverage for many beneficiaries who often don't visit the doctor or hospital. In addition, selecting service providers who don't charge more than Original Medicare can pay will also reduce out-of-pocket expenses for beneficiaries enrolled in Plan N.

High-Deductible Plan G

Any beneficiary interested in minimizing monthly premiums can apply for High-Deductible Plan F. Beneficiaries pay the deductible out-of-pocket each year and then use the plan's full coverage for the remainder of the year. There are no eligibility restrictions.

Medicare Supplement Plan F

Medicare Plan F is the closest you will come to full-coverage health insurance with the Medicare Supplement system. It eliminates all out-of-pocket costs, including the Medicare Part B deductible, excess charges, and foreign travel emergency care.

Plan F is limited to beneficiaries enrolled in Part B before January 1, 2020. Other beneficiaries should consider Plan G as the next most comprehensive Medigap insurance option.

Medicare Supplement Insurance Cost in New Mexico

Pricing for a Medicare Supplement insurance plan in New Mexico depends on a short list of personal factors, including age, gender, and tobacco usage. Location at the time of application is also essential as rates vary by zip code. Finally, plan options available to a beneficiary may depend on the date of Part B enrollment.

To serve as an example of possible rates for 2022, we ran quotes for the three most popular Medicare Supplement plans for a female nonsmoker aged 65 who lives in zip code 87153.

65-Year-Old Female Non-tobacco

Plan F $192 per month

Plan G $138 per month

Plan N $106 per month

When can I apply for a Medicare Supplement plan?

Every New Mexico beneficiary has a unique six-month Medigap Open Enrollment Period that only occurs one time.

It starts the first day that the beneficiary meets the following qualifications:

  • At least 65 years old.
  • Enrolled in Medicare Part B.

Beneficiaries receive the lowest possible rates during this enrollment period due to guaranteed issue rights. In addition, no Medicare insurance company can deny the beneficiary access to any plan, and they must offer the lowest monthly rate available in the beneficiary's zip code.

Medical underwriting is not allowed during the open enrollment period. This means that a beneficiary's current and pre-existing health conditions are not a factor in pricing.

Unless a beneficiary qualifies for a special enrollment period with guaranteed issue rights, the insurer can use medical underwriting to determine rates for applications received outside the open enrollment period. In addition, beneficiaries may apply for a supplemental insurance policy at any time if willing to accept higher rates and potential denial.

Ready to Learn More?

We help educate Medicare beneficiaries on their Medigap options and help them go through the process of reviewing and comparing plans. We work with most of the nation's top-rated Medigap carriers, such as Aetna, Cigna, Mutual of Omaha, and Florida Blue Medicare. So give us a call or request a quote online to learn more about Aetna Medicare Supplement Plan G and Mutual of Omaha Medicare Supplement Plan G in your state. We educate you on the best Medicare plans for your situation, then let you decide.

Key Takeaways

  • New Mexico beneficiaries only receive essential benefits after enrollment in Medicare Part A and Medicare Part B. Those benefits leave a lot of gaps that force Medicare beneficiaries to pay some costs out-of-pocket.
  • There are 10 Medicare Supplement plans in New Mexico to choose from.
  • In New Mexico, care Supplement Plan G is the most popular plan for 2022.
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