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Medicare Advantage Plans in New Mexico

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Understanding Medicare Advantage Plans in New Mexico

An 800-mile journey along the Santa Fe Trail ends in New Mexico’s capital city of Santa Fe. Thankfully, the journey to navigate the Medicare maze can be shorter and easier with a little assistance from SelectQuote. Medicare is a federally administered program that is a primary source of health coverage for residents of New Mexico who have turned 65 years old. It’s also a source of insurance for younger individuals with certain disabilities. One of the available Medicare options is a Medicare Advantage plan.

Medicare Advantage (MA) plans are also known as Medicare Part C. These plans are an option to receive Medicare Part A, hospital insurance, and Medicare Part B, doctor’s office insurance. Medicare Advantage plans in New Mexico are available from private insurance companies, offer at least the same level of coverage as Medicare Parts A and B, are approved by Medicare and replace Medicare Part A and Medicare Part B coverage.

Many New Mexico residents select a Medicare Advantage plan because of the additional benefits that may be included. New Mexico residents desiring coverage for dental, hearing and vision as well as other routine medical services may want to consider a Medicare Advantage plan in New Mexico as these benefits may be included.

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How Do I Know If I’m Eligible for a Medicare Advantage Plan in New Mexico?

Your eligibility for an MA plan is contingent on two factors. 1) You are eligible for Medicare Parts A and B and 2) Medicare Advantage plans are sold in the zip code or county where you live. Knowing medical needs can increase with age, a Medicare Advantage plan specific to New Mexico residents may potentially save you money because many Medicare Advantage plans have $0 monthly premiums. Copayments, coinsurance and deductibles vary depending on the Medicare Advantage plan in which you enroll.

New Mexico residents cannot be enrolled in a Medicare Advantage Plan and a Medicare Supplement Insurance plan at the same time. A Medicare Supplement Insurance plan helps cover some of the gaps in coverage like copayments, coinsurance and deductibles that aren’t covered by Medicare Parts A and B.

Will a New Mexico Medicare Advantage Plan Cover Prescription Drugs?

Any New Mexico resident of the 33 counties who is looking for prescription drug coverage should consider a Medicare Part C plan as most Medicare Advantage plans also include a Medicare Prescription Drug plan. A Medicare Advantage plan with prescription drug coverage is called a MAPD and can help to cover some of the costs of prescription drugs.

Most Popular Medicare Advantage Plans in New Mexico

Finding the right Medicare Advantage plan in New Mexico is as unique as the person the plan is there to support. As reported by the Centers for Medicare & Medicare Services (CMS.gov), among New Mexico residents who are enrolled in Medicare Advantage, 58% choose an HMO/HMOPOS plan while 42% choose a Local PPO. Knowing how much Medicare plan coverage you need will help you determine the right Medicare Advantage plan in New Mexico for your needs.

You can become more informed about Medicare Advantage plans available in New Mexico by contacting a SelectQuote licensed sales agent who can guide you through the Medicare maze. Acting as your advocate, our licensed sales agents help you weigh the Medicare Advantage plan options in your area, understand costs and answer questions throughout the process. SelectQuote individually shops more than 20 national insurance companies to help find a plan that meets your individual needs and budget.

When is the New Mexico Medicare Advantage Plan Enrollment Period?

Enrollment in a Medicare Advantage Plan occurs during specified enrollment periods. Medicare enrollment in New Mexico opens for residents prior to turning age 65 or earlier in special disability cases. The Initial Enrollment Period (IEP) runs for seven months.

IEP begins three months before turning age 65, including the birthday month, and ends 3 months after the birthday month. It is also the time allotted for enrollment in Medicare Parts A, B, C and D. For example, if you’re a New Mexico citizen with a May birthday, your IEP runs from February through August.

You may also enroll in a Medicare Annual Enrollment Period, which occurs annually each fall. Medicare’s AEP runs from October 15 through December 7 each year. The key dates for AEP are as follows:

Oct. 15 – Annual Enrollment Period Begins

Dec. 7 – Annual Enrollment Period Ends

Jan. 1 – First Date Coverage can start

During the Annual Enrollment every year, New Mexico residents can:

  • Switch from Medicare Parts A and B (Original Medicare) to a Medicare Advantage (Part C) plan
  • Change from one Medicare Advantage Plan to another
  • Switch from one Prescription Drug (Part D) plan to another
  • Add a Prescription Drug (Part D) plan if you didn’t enroll when first eligible for Medicare

In addition to AEP, New Mexico residents who are enrolled in a Medicare Advantage plan can make a one-time plan change during the Open Enrollment (OEP) period, which occurs each year from January 1 through March 31. There are also Medicare Special Enrollment Periods (SEP) you may be able to enroll in Medicare or make changes to your existing Medicare Advantage coverage because of certain events and life changes, such as moving or losing employer coverage.

Is a New Mexico Medicare Advantage Plan Right for You?

By working with a SelectQuote licensed sales agent, you can stay up to date with the annual updates to Medicare plans as well as receive assistance with getting all of the available Medicare benefits you deserve. As a trusted third-party company specializing in helping consumers understand the ins and out of Medicare, SelectQuote is here to help you find the right Medicare Advantage plan in New Mexico to meet your specific needs.

To ensure you are getting all the benefits you are entitled to receive, call or complete your online form today. Let SelectQuote’s personal licensed sales agents simplify the Medicare maze by comparing rates and independently shopping insurance companies to help you find an affordable option that meets your unique needs.

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