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Best Medicare Supplement Plans in New Mexico 2021

If you don’t want to worry about the out-of-pocket costs that come with the federal Medicare program, you should consider Medicare Supplement plans in New Mexico. Medicare Supplemental insurance plans are designed to pick up medical expenses that aren’t covered by Original Medicare. Beneficiaries pay a monthly premium for a Medicare Supplement plan in New Mexico.

What are the Top 5 Medicare Supplement Plans in New Mexico?

Of the 10 New Mexico Medigap policies, five stand out as the clear leaders in value and popularity. Compare the following basic information to determine the best plan for your health care needs and budget.

1. Best full coverage: Medicare Plan F

Eligibility limitations apply for Plan F. Only beneficiaries with an Original Medicare effective date before January 1, 2020, can apply. This is the most comprehensive Medicare Supplement coverage available, and the benefits include:

  • Medicare Part A deductible
  • Medicare Part B deductible
  • Medicare Part A coinsurance
  • Medicare Part B coinsurance
  • Part B excess charges
  • First 3 pints of blood
  • Part A hospice care coinsurance
  • Skilled nursing facility care coinsurance
  • Foreign travel emergency care (up to plan limits)

2. Best comprehensive coverage: Medicare Plan G

All beneficiaries are eligible to apply for Plan G. The plan offers all the benefits of Plan F without coverage for the Medicare Part B deductible.

3. Best value: Medicare Plan N

Plan N is a great option for beneficiaries who want lower premiums and are able to pay some out-of-pocket costs. The following benefits are included:

  • Part A coinsurance
  • Part B coinsurance (small copayments required for doctor and emergency room visits)
  • Part A deductible
  • Part A hospice care coinsurance
  • Skilled nursing facility care coinsurance
  • Foreign travel emergency care (up to plan limits)

4. Best deductible based plan: High-Deductible Plan F

The high-deductible version of Medigap Plan F includes all the basic benefits of the standard plan. Beneficiaries are required to pay the full deductible out of pocket before they can use any of the benefits.

This plan has eligibility limitations. You can only apply if your Medicare Part B start date is before January 1, 2020.

In 2021, the deductible is $2,370. The plan will cover 100% of the costs after the deductible is met.

5. Best plan for lowest premiums: High-Deductible Plan G

There are no eligibility restrictions, for anyone can apply for this plan. The coverage is the same as the standard Plan G, but beneficiaries must pay the deductible each year before their benefits are accessible. In 2021, the deductible is $2,370. The plan will cover 100% of the costs after the deductible is met.

What is the Best Supplemental Insurance to go with Medicare?

The best Medicare Supplement insurance plan in New Mexico will cover your health care needs while working within your budget. It should make your Medicare coverage easier to manage. Our Policy Guides are available to help you compare plan options for Medigap policies and Part D prescription drug coverage.

What is the most popular Medicare Supplement plan in New Mexico for 2021?

Medicare Plan G is overtaking Plan F as the favorite in New Mexico and most other states. It covers the coinsurance for Medicare Part A and Medicare Part B along with the deductible for Part A. It also covers Part B excess charges.

Medicare Plan F was the most popular Medicare Supplemental plan in New Mexico for many years. It remains a preferred plan for many Medicare beneficiaries with Part B effective dates prior to 2020.

Which plan has the best benefits in New Mexico?

Medicare benefits are subjective. You should compare coverage options online and determine which one best covers your health care needs while fitting your budget.

For most Medicare beneficiaries, Medicare Plans F or G will offer the best coverage. These plans eliminate most out-of-pocket costs, including Part B excess charges and coinsurance. There are no copayments with these plans, and you can see any doctor that accepts Medicare as payment.

How do I choose the best plan?

Think about your target budget and how often you need access to medical care. Some beneficiaries prefer to eliminate all out-of-pocket expenses with the more comprehensive plans while others prefer to keep their monthly premium low while paying some costs out of pocket.

Our Policy Guides can help you compare your plan options.

Which Medigap company offers the best rates in New Mexico?

Private health insurance companies compete through pricing, since Medigap policies are standardized by the federal government. It’s important to compare rates online because the most affordable insurer in one zip code may demand the highest prices in another zip code.

What is the Average Cost for a Medicare Supplement Plan in New Mexico for 2021?

The premium you pay for your Medigap plan in New Mexico will depend on personal factors like your age and tobacco use. To illustrate possible rates, we completed online quotes for a nonsmoking 65-year-old woman who lives in New Mexico zip code 87196.

  • Medicare Plan G – $114.22 – $179.12 range; $133 average monthly
  • Medicare Plan N – $86.30 – $132.35 range; $104 average monthly
  • High-Deductible G – $28.35 – $46.14 range; $40 average monthly

Common New Mexico Medicare Supplement Plan Questions

What Companies Sell Medigap Plans in New Mexico?

There are approximately 40 insurers offering Medigap plans in New Mexico. These private insurance companies compete with pricing since they aren’t permitted to change the benefits within each standardized plan.

When selecting a Medicare insurance company, financial rating is just as important as pricing. The following insurance companies are leaders in the New Mexico Medigap policy market:

  • Cigna
  • Mutual of Omaha
  • Aetna

When Can I Apply for a New Mexico Medicare Supplement Plan?

You can technically apply for a Medicare Supplement insurance plan in New Mexico at any time once you are on Medicare. If you don’t apply during your Medigap Open Enrollment Period and don’t qualify for a special open enrollment later, you will undergo medical underwriting. That means your current health condition and pre-existing conditions will impact your rate. It may even result in a denial.

Here’s what you need to know about the open enrollment period:

  • It lasts for six months and starts the month that you turn 65 and sign up for Original Medicare.
  • You benefit from guaranteed issue rights that prevent the insurance company from denying you coverage or basing your rate on your medical history.
  • You will receive the lowest rates during this period.
  • Signing up for Medicare Part B initiates your eligibility for guaranteed issue rights.
  • You can secure a Medicare Part D plan for prescription drug coverage at the same time.

Which is better, Medigap Plan G or Plan N?

Plan G is the more comprehensive plan that will maximize out-of-pocket expenses throughout the year. If you need to keep your monthly premiums a bit lower and can afford to pay a small copay each time you visit the doctor, it’s worth considering Plan N.

What is Medicare Supplement Insurance?

Select private health insurance companies in New Mexico are authorized to offer Medicare Supplemental plans that complement Original Medicare’s basic benefits. Beneficiaries work with a licensed insurance agent to purchase Medicare Supplement insurance plans, trading out-of-pocket costs for a monthly premium.

If you choose to enroll in a Medigap plan in New Mexico, your medical expenses are first paid for by Medicare Part A and Medicare Part B up to plan limits. The outstanding expenses are covered by your Medicare Supplemental insurance policy.

Medigap policies can cover all or some of your out-of-pocket expenses, depending on the plan you choose. None of the Medigap plans offer prescription drug coverage, so you should sign up for a Medicare Part D plan as well.

Is Plan G the Best Medigap Plan in New Mexico?

How Much Does it Cost?

Medigap insurance is optional coverage, and it does come with a cost. Your rate depends on a variety of factors, including when you enroll, your zip code, and a short list of personal factors.

As an example, consider the following Plan G rates for a 65-year-old female who doesn’t smoke and lives in two different New Mexico zip codes.

  • Zip code 87196 – $133 per month on average
  • Zip code 87123 – $133 per month on average

The cost of your prescription drug plan will factor into the total price of your coverage as well.

What is the Plan G Deductible in 2021?

Medigap plan G does not come with deductibles. Plan G does require beneficiaries to pay the Part B deductible out of pocket, which is $203 in 2021.

What does Medigap Plan G Cover in New Mexico?

Related Topics

Plan G by State

Ready to learn more?

My Medigap Plans is a rapidly growing resource for Medicare beneficiaries. We specialize in educating consumers on their options and guiding them through the process of plan selection. We work closely with some of the nations top rated carriers such as Aetna, Cigna and Mutual of Omaha. Compare our list of the 10 Best Medicare Supplement Insurance Companies or take a deeper look at the plans by reviewing our Medicare Supplement Plans Comparison Chart. Learn more or about Medicare Part D Prescription Drug plans, or request a Medicare Supplement Plan Quote.

New Mexico Medicare Resources

New Mexico Enrollment Statistics

The top 5 most populous counties in New Mexico are as follows:

  • Bernalillo County with 674,855 people
  • Dona Ana County with 213,849 people
  • Santa Fe County with 147,514 people
  • Sandoval County with 138,815 people
  • San Juan County with 128,221 people

According to America’s Health Insurance Plans or AHIP, 21.3 percent of Medicare beneficiaries also enrolled in a Medigap plan in the year 2015.

Key Take Aways
  • There are 10 Medicare Supplement Plans in New Mexico to choose from.
  • In New Mexico, Medicare Supplement Plan G is the most popular plan.
  • Medigap Plans do not use a network, go wherever Original Medicare is excepted.
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