When you sign up for Original Medicare, you may want to sign up for Medicare Supplement Plan G in New Mexico at the same time. Here’s why:
- Medicare Supplement Plan G in New Mexico covers Medicare benefits and out of pocket costs that Original Medicare does not.
- Without a supplement insurance plan, your out of pocket medical expenses can add up quickly.
- If your Medicare eligibility was effective January 1, 2020 or later, Plan G coverage will offer you more protection against out of pocket costs than any other Medigap plan available.
- Medicare Supplement Insurance total for New Mexico: 67,447
- Medicare Supplement Insurance Plan G in New Mexico: 12,635 (18.7%)
What Does Medicare Supplement Plan G Cover?
Original Medicare pays for a lot when it comes to your healthcare. On top of the Medicare-approved amounts that are covered by the Federal Medicare program in the United States, you can enjoy having these additional Medicare benefits covered if you sign up for Medicare Supplement Plan G in New Mexico.
But here’s what Medigap Plan G will cover:
· Initial pints of blood
· Medicare Part A deductible
· Medicare Part A hospital costs
· Part A expenses
· Part A hospice care coinsurance
· Skilled nursing facility care
Medicare Supplement Insurance plan G benefits also pay these Medicare Part B costs:
· Charges over the amount Medicare allows – “Part B Excess Charges”
· Durable medical equipment
· Foreign travel emergency care (lifetime plan limits apply)
· Medicare Part B coinsurance and copays
Be advised that the Part B deductible will not be covered by Medigap Plan G in New Mexico.
What is the Plan G Deductible in 2021?
Medicare Supplement Insurance plans do not require a deductible unless you have a high deductible plan. The 2021 deductible amount for the Plan G high deductible plan is $2,370.
What is the Monthly Premium for Medicare Supplement Plan G in New Mexico?
Premiums are influenced by age, gender, smoking habits and location.
- 65 years of age
- Does not use tobacco
- Lives in Albuquerque, zip code 87122
Medicare Supplement Plan G rates:
- Range: $112.16 – $179.12
- Average: $132.08
Three ways an insurance agency can rate policies:
- Community-Rated: All policyholders or those who live in a given service area are charged the same rate.
- Issue-Age-Rated: Your age at the time the policy is issued drives the rate. The rate can increase but does not correlate with age.
- Attained-Age-Rated: You pay a base premium at signing based on your age. As you get older, your premium goes up.
Our licensed insurance agents have expertise in all supplemental health insurance plans. We offer a comparison of plan options and Medicare Supplement plan quotes to help you make a decision.
When can I enroll in Medicare Supplement Plan G?
You may be familiar with enrollment periods to sign up for Medicare Part A and Part B, Medicare Advantage and Medicare Part D. These sign-up periods do not apply to Medicare Supplement Insurance.
The best time to sign up for Medigap Plan G is during the Medigap Open Enrollment Period.
- Mark your calendar to complete your application during the month of your 65th birthday.
- Be sure you have Medicare Part B because that is a requirement of Medigap enrollment. The standard Medicare Part B premium in 2021 is $148.50.
- You have six months to enroll in a Medigap plan, but it’s a good idea to get an early start.
During open enrollment, you are guaranteed to be approved for a policy. Once your open enrollment window closes, you risk being subject to fewer choices, higher premiums and even having your application declined based on your health history or present health status.
Medigap plan options under 65
In New Mexico, you may sign up before you turn 65 if you are a Medicare beneficiary with a disability or end-stage renal disease (ESRD). If you qualify for this guarantee issue right, then insurers must:
- Offer you at least one Medigap plan
- Not require medical underwriting
- Not deny coverage or demand a higher premium due to health conditions
What Is the Difference Between Plan G and Plan G With a High Deductible?
Plan G covers the same benefits whether or not you have a high deductible plan. The difference is that the high deductible option stipulates an amount you must pay before the plan issues benefits.
What is the Best Medicare Supplement Plan G in New Mexico?
Medigap Plan G is standardized, so every insurer that sells Plan G is offering the same benefits. Each insurer may, however, set different Medicare Plan G rates.
Though price is important, you may also want to compare Medicare Supplement insurance companies according to:
- How well they service their customers
- How long they have been around
- How strong their financial portfolio is
We partner with many insurance companies and found the following have met the critical criteria for customer service (3.6 to 4 stars), long-term stability and financial strength (A to A+):
- Mutual of Omaha
Which is better, Plan F or Plan G?
How are Plan F and Plan G Different?
Medigap Plan G does not cover the Part B deductible.
Is Plan G cheaper than Plan F in New Mexico?
The Plan G premium is less expensive than Plan F.
Which should I choose?
- If you are new to Medicare on or after January 1, 2020, you will not be able to access Plan F.
- If you were newly eligible for Medicare before January 1, 2020, you can opt for either plan.
- If you can choose either plan, you may enjoy Plan G’s lower premium. Although you will have to pay the Part B deductible, it is a nominal amount.
What is the Most Popular Medicare Supplement Plan in New Mexico for 2021?
Plan G is without a doubt the most popular plan among beneficiaries newly eligible for Medicare on or after January 1, 2020.
- Best level of coverage if you are new to Medicare
- Benefits outweigh the cost, even when taking into account that it does not cover the low-cost Part B deductible
- Access to any doctor in the country who accepts Medicare – not limited to a network
- Covers excess charges if your doctor bills you over the Medicare approved amount
- No second guessing – fills all gaps in Original Medicare except the Part B deductible
Frequently Asked Questions about Medigap Plan G
Full Medicare Supplement Plan G Benefits Chart
Does Plan G cover prescription drugs?
To have prescription drug coverage, you would enroll in Part D.
Does Plan G cover the Medicare Part B Deductible?
The Part B deductible is not covered.
Does Plan G cover Medicare Part B Excess Charges?
Medicare Supplement Plan G covers Medicare Part B excess charges.
Does Plan G cover the Medicare Part A Deductible?
The Part A deductible is covered by Medicare Supplement insurance Plan G in New Mexico.
Is Plan G worth it?
To assess the value, here’s a review of the out of pocket expenses that Plan G covers:
- Medicare Part A coinsurance should you need a lengthy hospital stay
- Medicare Part B coinsurance or copays (includes doctor visits and durable medical equipment)
- First three pints of blood purchased if necessary
- Part A coinsurance or copayment for hospice care
- Coinsurance for a skilled nursing facility
- Part A deductible
- Part B excess charges
- Essential medical services during foreign travel – plan limits: up to 50 000 in foreign travel emergency benefits
What is the difference between Plan G and N in New Mexico?
Under Plan N, you are responsible for Part B excess charges and copayments.
Copays are capped at:
- $20 for some doctor visits
- $50 if you need the emergency room (waived if admitted)
Does Plan G cover dental?
Medicare Supplement Insurance Plan G in New Mexico does not cover routine dental services, but there are discount plans available on the market.
What is Medicare Part G?
Medicare Part G is actually Medicare Plan G. To clarify, this is how Medicare distinguishes between parts and plans:
- The federal Medicare program known as Original Medicare is a dichotomy of Part A and Part B. Through private insurance companies, you can purchase Part C (Medicare Advantage plan) and Part D (drug plan).
- Medicare Supplement Insurance is made up of plans – A, B, C, D, F, G, K, L, M and N.
Does Plan G cover Silver Sneakers?
Silver Sneakers is not a standard benefit of Medicare Supplement Insurance Plan G in New Mexico.
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.