There are about 420,000 New Mexico Medicare beneficiaries. Residents on Medicare have options for two types of New Mexico Medicare plans – both Medicare Supplements plans (Medigap plans) and Medicare Advantage plans. From Albuquerque to Roswell and everywhere in between, Medicare beneficiaries can find suitable Medicare coverage in New Mexico.
The best time to enroll in a Medicare supplement in New Mexico is during your Medigap open enrollment window. This is within 6 months of your Medicare Part B effective date, which for the majority of people coincides with the month during which they turn 65.
Applying during this time means you get to skip the health questions on the application and cannot be turned down by the insurance carrier for pre-existing conditions if you are at least age 65.
You can apply for Medicare Advantage plans during your initial election period (IEP), which starts three months before the month you turn 65 and ends three months after the month you turn 65. Your IEP is 7 months total. You can also enroll in or change your Medicare Advantage plan during the annual election period (AEP) that runs during the fall each year.
Note that the AEP is NOT for enrolling in a Medigap plan without having to answer health questions. Generally, the only time you can do that is during your Medigap open enrollment window.
New Mexico Medicare Supplement Plans
Residents of New Mexico have the same Medicare supplement options as people in other states. You can see the available plans on this Medigap chart. For many years, New Mexico Medicare supplement Plan F has been a best seller. However, in recent years, Plan G in New Mexico has become quite popular.
This is because Plan G offers identical benefits as Plan F except for the annual Part B deductible. Because Plan G covers one less benefit than Plan F, the premiums are usually lower for Plan G, resulting in savings at the end of the year.
New Mexico Medicare Advantage Plans
Medicare Advantage plans are private health plans that pay instead of Medicare. If you enroll in a New Mexico Medicare Advantage plan, you will agree to use that plan’s network of doctors. Medicare Advantage plans often have lower premiums than Medigap plans, but there are more copays for healthcare services as you go along.
For example, you might pay $10 to see your primary care doctor, and $45 or $50 to see a specialist. There will also be cost-sharing for most other health services, like lab work, imaging, hospital stays, surgeries, durable medical equipment, etc.
Medicare Advantage plans are easy to obtain because they have only one health question. Since Medicare Advantage plans are based on your zip code, you must live in the plan’s service area to apply for that specific plan. If you move out of that service area, you will have to change plans.
Rules for People Under Age 65 on Medicare Disability
To qualify for a Medicare supplement in New Mexico when you are under age 65, you must meet certain requirements. First, you need to apply for the supplement within 6 months of the effective date for your Medicare Part B. If you have been awarded retroactive eligibility for Social Security disability income, then you must apply within 6 months of notice of the receipt of your notice of eligibility.
Unfortunately, Medigap plans for people under 65 are often double or triple the monthly rate that someone age 65 would pay. They also tend to take big rate increases from year to year because people on Medicare due to a disability may naturally have more claims. The carriers then have to raise the rates on those policies to keep up with the cost of those claims.
For this reason, we usually find that New Mexico Medicare Advantage plans are one of the best options for people under 65. These plans do not have rates based on age, and therefore do not usually see large rate increases the way the under-65 Medigap plans do.
Medigap carriers in New Mexico do not have to offer coverage to people with End-Stage Renal Disease (ESRD) if they are under age 65.
Common Questions About New Mexico Medicare:
Here are some common questions our team gets about Medicare Supplements in New Mexico.
Medicare Supplement plans G and N are the most popular plans as of today. However, the “best” plan will depend on your needs and budget. Here at Boomer Benefits, we help compare each plan from 30+ carriers to help you find the most cost-effective option.
Medigap plans can be used anywhere in the country as long as the doctor or hospital accepts Medicare. Therefore, yes, you can travel out of state with your New Mexico Medicare Supplement plan and still be covered.
Medicare Supplement plan premiums are based on your age, gender, zip code, and more. Therefore, everyone’s premiums are different. However, New Mexico is known to have some of the lowest Medigap premiums in the country.
New Mexico Medicare Choices
Medicare beneficiaries in New Mexico have a choice of insurance carriers. In fact, for Part D drug plans, there are over 40 choices. Our agency can help you compare the carriers available to find the best pricing. You might also be surprised at some of the rate trend statistics we can provide.
Before buying the cheapest carrier, let us help you make sure that their history of rate increases is stable, so you don’t get smacked with a monster rate increase next year. For help today from one of our expert team members who are licensed to explain Medicare insurance products, you can ask us to contact you either via email or telephone: