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Medicare Supplement Plans in New Mexico

Are you looking for a Medicare Supplement plan in New Mexico?  With over one-quarter of one million New Mexico residents on Original Medicare, you are not alone. Most of these people will compare Medicare Supplement plans in New Mexico to help make up for out-of-pocket expenses that could include coinsurance, copayments, and deductibles.

If you’re trying to figure out how you can maximize your coverage, you might take a few minutes to read more about Medicare Supplement plans. While some things about Medigap plans are the same everywhere in the United States, many essential details vary by state.

Enrollment Statistics for Medicare Supplement Plans in New Mexico

These are some key enrollment numbers for Original Medicare and Medicare Supplement plans:

  • Beneficiaries of Plan A and/or Plan B in NM: About 259,000
  • Medigap policies: About 55,000
  • Popular Medicare Supplement plan in New Mexico: Plan F, with over 35,000 people

Also, these are highly populated New Mexico counties:

  • Bernalillo County, NM: 676,953
  • Doña Ana County, NM: 214,207
  • Santa Fe County, NM: 148,651
  • Sandoval County, NM: 142,025
  • San Juan County, NM: 115,079

Medicare Supplement Plans in New Mexico: Rate Calculations

In New Mexico, insurance companies can base Medigap plan rates upon one of three systems:

  • Attained Age

    Nearly 90 percent of Medicare Supplement plans in New Mexico use attained age or the age that the plan owner has currently reached.

  • Issue Age

    About 10 percent use issue age, or the age the Medicare beneficiary was when first buying into Medigap.

  • Community Rated

    A few plans use a community rating, which means they have to base age calculations on all the members in a local area or state.

The way that a Medicare Supplement plan calculates premium is vital information to have before you compare quotes to find the best rates for yourself. This is why rate schemes are important to understand:

  • If you’ve just enrolled in Medicare Part A and Part B when you turn 65, you’ll find that premiums for the most common kinds of plans may seem cheaper.
  • However, you may get penalized for your longevity later with higher rates with attained age.
  • On the other hand, you should expect rates for any Medicare Supplement plan that you purchase to increase somewhat over the years because of medical inflation.

Available Medicare Supplement Plans in New Mexico

New Mexico allows the same 10 standard Medicare Supplement plans that most states do. Also as in most other states, the most common choices for Medicare beneficiaries include Plan F, G, and N.

Your best choice for a Medigap plan might depend upon your personal preferences for access to medical care, your budget, and your current medical needs.

  • Plan F

    Quite robust but also usually the most expensive option.

  • Plan G

    Identical to Plan F but does not cover the Medicare Part B Deductible.  The savings in premium often makes it worthwhile to consider

  • Plan N

    You may enjoy broad coverage but may still have to pay some copays. You also may need to select doctors who accept Medicare Assignment because Plan N doesn’t cover excess charges.

Do Medicare Supplement Plans in New Mexico Cover Prescription Drugs?

If you buy a Medicare Supplement plan, you still need prescription insurance. This is true of Medigap plans everywhere in the United States. Most folks end up enrolling in a Medicare prescription drug plan, usually known as Part D. You won’t get benefits for typical prescription medications from Original Medicare or a Medigap plan.

You can choose Part D during your first Initial Enrollment Period in Medicare, and then you can also change to another Part D plan during the yearly Open Enrollment. If you already have prescriptions covered because of a work or union plan, you may be able to delay enrollment in Part D. Otherwise; you could get penalized and not get help paying the pharmacy bill.

When to Enroll in  Medicare Supplement Plans in New Mexico

The best time to compare your options may be during your Medigap Open Enrollment Period. You get a Medigap OEP the first month you are enrolled in Medicare Part A and Part B and for six months afterwards. This gives you the right to enroll in any Medicare Supplement plan in New Mexico without worrying that an insurance company will turn you down or increase your rates because of medical issues.

Note that this only applies to a beneficiary over 65. Some people may qualify for a shorter Medigap OEP of 63 days after moving into the state or losing other health insurance.

While the Medicare Advocacy Site points out that people under 65 do have some Guaranteed Issue Rights, they typically get charged much higher rates than people past 65 for the same Medicare Supplement plans. For this reason, most younger, disabled Medicare beneficiaries end upon choosing to enroll in Medicare Advantage. Once these people turn 65, they can enjoy the same kind of Medigap OEP that everybody else gets.

Will Medicare Supplement Plans From New Mexico Work In Other States?

One reason that many people choose a Medicare Supplement plan is that they want the freedom to use their benefits all over the country. Some Medigap plans even offer limited coverage for urgent care outside of the United States, and Original Medicare doesn’t. With Medicare Supplement plans, you won’t need to worry about only visiting network doctors.

If you move away, you should make sure your insurance company has your new address. Most Medicare Supplement plans in New Mexico are portable to other cities or states. Your premiums could change because of your new permanent address.

New Mexico Medicare Resources

These helpful, authority links might help you best utilize your Medicare Supplement plan in New Mexico: