What Are Medicare Supplement Insurance Plans in New Mexico?
Residents of the Land of Enchantment who are about to turn 65 need to know about Medicare Supplement Insurance plans in New Mexico. Also referred to as Medigap, Medicare Supplement Insurance fills some of the “gaps” between what’s covered by Medicare Parts A and B and what Medicare does not cover. This can include things such as copayments, coinsurance and deductibles. A Medicare Supplement Insurance plan in New Mexico can help policy holders address some of the out-of-pocket costs. Medigap Insurance plans are available from private insurance companies throughout New Mexico.
In 2022, New Mexico residents have many Medigap or Medicare Supplement plans from which to choose. These include basic benefits from Plans A, B, D, G, K, L, M and N. Medigap Plans C, E, F, H, I and J are no longer available to those who are newly eligible to Medicare but enrollees are grandfathered into their plan.
As of 2020, Medicare Supplement plans will no longer sell Medigap Plans C or F to newly eligible Medicare members. Congress has decided that new Medigap plans will no longer be allowed to cover the Part B deductible after January 1, 2020. This will only affect Medicare Supplement Plans C and F as these are the only Medigap plans that cover the Part B deductible. Anyone enrolled in a Medigap Plan C or F as of December 31, 2019, will be grandfathered and will be able to continue to use their plan as long as they want.
Residents of New Mexico who are looking for a Medicare Supplement Insurance plan need to first look at their specific coverage needs to determine what type of Medigap plan they should consider.
Most Popular Medicare Supplement Insurance Plans in New Mexico
The government-approved Medicare Supplement Insurance plans help protect consumers in most states, including New Mexico. The statistics below represent the most popular Medigap plans selected by New Mexico residents. Insurance companies that offer Medigap plans offer the same basic benefits, but those plans may come at different prices depending upon where you live and the insurer. In addition, each insurer may not offer each of the 8 available Medigap Supplement plans.
As reported by AHIP, 69,828 New Mexico beneficiaries enrolled in a Medigap policy in 2019. Below is the breakdown of the number of New Mexico enrollees by Medigap plan type.
Source: AHIP. Reflects data through December, 2019.
Source: AHIP. Reflects data through December, 2019.
While a Medigap policy will help pay for things like copayments, coinsurance and deductibles not covered by Medicare Parts A and B, it is important to note that your New Mexico Medicare Supplement Insurance plan will not cover benefits for prescription drugs. However, you can buy an additional Medicare Prescription Drug plan to cover prescription drug costs or consider a Medicare Advantage plan, which typically includes prescription drug coverage and may also include other benefits, such as dental, vision, hearing and gym memberships.
Learn more about your Medicare Supplement Insurance plan options in New Mexico by working with a SelectQuote licensed sales agent. Acting as your advocate, our licensed sales agents can guide you through the Medicare maze to better understand Medigap plan options and answer any questions you might have throughout the process. SelectQuote individually shops more than 20 national insurance companies to help you compare Medicare Insurance plans in New Mexico.
New Mexico residents cannot be enrolled in a Medicare Supplement (Medigap) Insurance plan and a Medicare Advantage plan at the same time. A Medigap plan cannot be used to pay for any expenses for a Medicare Advantage plan.
New Mexico Medicare Supplement Plan Enrollment Period
Initial enrollment timeframes are very important. Enrollment for Medicare Supplement Insurance plans in New Mexico begins the first day of the month you turn 65 years old. You also must be enrolled in both Medicare Parts A and B in order to enroll in a Medigap plan.
New Mexico residents have a six-month period surrounding their birth month to buy a Medicare Supplement Insurance plan. New Mexico residents under the age of 65 can check with the Social Security Administration office for additional enrollment periods.
The best time to enroll in a Medicare Supplement Insurance plan is during the initial 6 months you are eligible for Medicare. During this important six-month period, companies that offer Medicare Supplement Insurance plans cannot use underwriting. In other words, during this timeframe your acceptance is guaranteed. If you apply for Medicare Supplement Insurance outside of this timeframe, you will be subject to a physical exam. If you apply for Medigap coverage after your first six months of eligibility, a company can refuse to sell you a plan or premiums may also adjust depending on current health status and pre-existing health conditions. It is beneficial for residents in New Mexico to enroll as soon as they are eligible. In fact, you can make important choices about your Medicare coverage as early as 64 and 6 months of age.
Is a New Mexico Medicare Supplement Insurance Plan Right for You?
SelectQuote can help ensure you are getting all the available Medicare benefits you deserve. Our licensed sales agent can help you stay up to date on annual updates to Medicare plans made by insurance companies. As an independent third-party company that specializes in helping consumers understand their Medicare Insurance options, a SelectQuote licensed sales agent can help you find the right Medicare Supplement Insurance plan to meet your 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.