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Medicare Supplement Plans in New Mexico

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 is the Best Medicare Supplement Plan 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 Comprehensive 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,

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 for New to 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 for Cheapest 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 2022, the deductible is $2,490. The plan will cover 100% of the costs after the deductible is met.

How Much Does a Medicare Supplement Plan Cost in New Mexico?

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.

65-Year Old Female Non-Tobacco
Plan Type Premium Range
Plan G$114.22 - $179.12
Plan N$86.30 - $132.35

When Can I Apply for a New Mexico Medigap 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.

What Companies Sell Medicare Supplement 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

Related Topics

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.

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