Medicare Supplement Plans in New Mexico
Medicare Supplement policies in New Mexico (Medigap) are offered through private insurance companies that Medicare approves. These plans fill in coverage gaps with Original Medicare, and they help safeguard you against copays, coinsurance fees, surplus costs, or surprise medical expenses when venturing outside the country.
Age, gender, residing state, and insurance provider can all affect the cost and availability of Medigap policies. In New Mexico, such plans are regulated by statewide legislation and a commissioner of insurance.
Before deciding on a Medigap plan, residents of New Mexico must carefully consider its cost and availability.
Key Takeaways:
- There are ten Medigap plans to choose from.
- Medigap Plan G is the most popular plan in New Mexico.
- The cost for Plan G can vary from $92 to $382 monthly.
- Manhattan Life Assurance Company offers the lowest Plan G rate at $92 monthly.
What’s the Most Popular New Mexico Medigap Plan in 2024?
Medigap Plan F and Plan G are the two most commonly chosen plans in New Mexico.
Starting in 2020, new Medicare recipients can no longer enroll in Plan F due to changes in effect. Plan F, which boasted the highest enrollment of over 34,450 beneficiaries, is now unavailable to new enrollees.
But now, Plan G has taken its place and is the preferred option for new beneficiaries, with 24,550 enrollees. Plan N is also popular among new beneficiaries, with 6,600 enrollees.
Less popular plan options and their enrollment figures are:
- Plan C – 962
- Plan A – 536
- Plan K – 439
- Plan L – 219
We encourage you to explore our Medicare Supplement Plan Comparison Chart to gain a more comprehensive understanding of the plan details.
Which Medigap Provider Has the Cheapest Rates in New Mexico?
After a thorough analysis, we have determined that Manhattan Life Assurance Company offers the most competitively priced Plan G in New Mexico. While their Medigap plans are cost-effective, it is crucial to consider various factors when selecting the ideal Medicare Supplement company.
To assist you in this process, we have prepared a chart that compares Manhattan Life Assurance Company with other Medicare Supplement providers in New Mexico.
It includes premium examples and ratings, providing valuable insights to help you make an informed choice.
| Company | AM Best Rating | Plan G Rates | Plan N Rates | HDG Rates | Plan F Rates | |
|---|---|---|---|---|---|---|
| Manhattan Life Assurance Company | B++ | $92.00 | $72.58 | n/a | $117.00 | |
| Bankers Fidelity Assurance Company (Preferred) | A- | $93.07 | $93.07 | $36.98 | $147.16 | |
| Ace Property and Casualty Insurance Company | A++ | $96.92 | $74.00 | $38.75 | $112.17 | |
| American Home Life Insurance Company | B++ | $97.26 | $70.26 | n/a | $116.74 | |
| Allstate Health Solutions | A+ | $97.34 | $72.73 | n/a | $121.27 | |
| American Benefit Life Insurance Company | A- | $97.95 | $71.59 | n/a | $119.39 | |
| Lumico Life Insurance Company | A | $98.83 | $78.42 | n/a | $122.50 | |
| AFLAC | A+ | $100.64 | $73.82 | n/a | $116.38 | |
| Capitol Life Insurance Company | A- | $102.68 | $71.33 | n/a | $125.22 | |
| United States Fire Insurance Company | A | $104.00 | $74.25 | $35.33 | $126.67 | |
| Heartland National Life Insurance Company | NR | $111.13 | $76.77 | n/a | n/a | |
| Omaha Insurance Company | A+ | $116.76 | $75.29 | $39.15 | $154.12 | |
| Union Security Insurance Company | B++ | $122.52 | $85.65 | n/a | $155.72 | |
| Blue Cross and Blue Shield of New Mexico | A | $130.89 | $110.62 | $52.13 | $179.47 | |
| Cigna Health & Life Insurance Company | A | $132.55 | $87.89 | n/a | $168.80 | |
| Continental Life Insurance Company of Brentwood, Tennessee (Aetna) | A | $133.11 | $78.14 | $28.79 | $160.85 | |
| Philadelphia American Life Insurance Company | A- | $144.49 | $97.92 | $25.77 | $175.94 | |
| Humana Insurance Company | A- | $159.07 | $110.41 | $43.16 | $193.33 | |
| United American Insurance Company | A | $163.00 | $153.00 | $29.00 | $198.00 |
How Much Do Medigap Plans Cost in New Mexico?
Manhattan Life Assurance Company offers the most affordable rate for Plan G at $92 per month. For Medigap Plan N, the lowest price is $70.26, provided by American Home Life Insurance Company.
If you are considering the High Deductible Plan G, Philadelphia American Life Insurance Company offers it at just $25.77 monthly. Ace Property and Casualty Insurance Company provides the lowest rate for Plan F at $112.17.
Remember that your monthly premium will vary based on factors such as your insurer and their rating criteria.
Do Medigap Plans Require Prior Authorization?
Medicare Supplement insurance does not typically require prior authorization for services. Once you have Medicare Part B for outpatient services and Part A for hospital services, Medigap supplements your coverage by covering some or all the expenses that Medicare does not pay. This can include deductibles, copayments, and coinsurance.
However, remember that Medigap only supplements the benefits provided through your Original Medicare benefits, meaning if Medicare doesn’t cover a service, your Medigap policy won’t cover it either.
As such, if Medicare requires prior authorization for a service, you’ll still need to obtain it even if you have a Medigap policy.
Who Is the Largest Medicare Supplement Provider?
UnitedHealthcare, a division of UnitedHealth Group, is considered the largest provider of Medicare Supplement insurance plans. They offer a wide range of plan options tailored to meet the diverse needs of beneficiaries, aiming to fill the gaps in coverage that Original Medicare does not cover.
Other major providers of Medigap coverage include:
- Aetna
- Anthem Blue Cross Blue Shield
- Cigna
- Mutual of Omaha
We’re Here to Help
Our expertise lies in guiding Medicare beneficiaries regarding their options. We collaborate with highly-rated insurance providers to ensure you receive the best possible service.
To ensure your eligibility for enrollment in a Medigap plan, feel free to contact us today or submit an online quote request.
Frequently Asked Questions:
Manhattan Life Assurance Company offers the most affordable rate for Plan G in New Mexico.
In New Mexico, Medicare Supplement plans range from $25-$382 per month. However, the cost of Medicare Supplement plans varies depending on the type of plan you choose and the level of coverage.
Plan G, Plan F, and Plan N are the most popular plans.
Article Resources:
- Types of Medigap Plans
- How Much Do Medigap Plans Cost?
- When Can I Apply for a Medicare Supplement Plan?
- How Do I Enroll in a Medigap Plan?
- When Can I Change Medigap Plans?
- Can I Be Denied Medigap Coverage?
- CMS Medicare Services
Disclaimer:
Average quotes are for sample purposes only. Actual premiums are based on several factors, including health conditions, age, location, tobacco status, gender, and insurance provider.
