What are the best Medicare Supplement Plans in New Mexico?

In New Mexico, the top Medicare Supplement, or Medigap, plans are Plan F, Plan G, and Plan N. These are the plans that boast the highest enrollment numbers. Medigap Plan F is particularly sought-after, with a robust base of 40,696 beneficiaries. Following in popularity is Medigap Plan G, with its comprehensive coverage features attracting a total of 12,635 members. Next in line is Medigap Plan N, which also provides excellent coverage and has 6,061 enrollees, who are drawn to its effective benefits and cost efficiency.

Medicare Supplement Plans in New Mexico

For Medicare Supplement Plans New Mexico, there are several choices, but what is the best Medicare Supplement Plan in New Mexico?  The answer to that question is “It depends”.  I know that is not exactly what you are looking for but please keep reading for a full explanation or call us anytime at 844-528-8688 for a personal consultation on what Medicare Supplement Plan in New Mexico fits you the best.

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No matter where you live in New Mexico when you enter Medicare, you need Medicare supplemental coverage that fits your lifestyle and budget. Medicare Supplement Plans New Mexico are readily available without any clinical underwriting throughout your open enrollment period.  See our Medicare Supplement Guide for information on entering into Medicare.

First Things First, You Need Medicare

To be eligible for a New Mexico Medicare Supplement Plan, you need to have Medicare Parts A and B.

Enrolling in Medicare New Mexico

There are two different scenarios when it comes to your Medicare Enrollment, to find out what you need to do to enroll in Medicare, see below to find which fits your situation.

Finding Medicare Supplement Plans New Mexico

Now that you understand signing up for Medicare, it is time to find the best New Mexico Medicare Supplement Plan for you.  While rates for Medicare Supplement Plans New Mexico are very important, you need to also look at the company and the rate increase history.  What might be the absolute cheapest monthly premium now, could end up very costly down the road.

Medicare Supplement Companies tend to come into an area with a very low “introduction price” in essence they are buying new business.  After they start building the book of business they will raise the rates significantly to cover the losses.  This is just one of the reasons we at Medicare Solutions Team carry over twenty Medicare Supplement Plans New Mexico providers.

Medicare Supplement Plans, sometimes called Medigap Plans are set and standardized by CMS (Medicare).  They offer 10 plans but the three most popular are Plan F, Plan G, and Plan N.

Medigap Plans New Mexico

New Mexico Medicare Supplement Plan F

The Plan F Medicare Supplement Plan New Mexico, simply put, covers everything.  On the face that seems like a great idea, but there are a few reasons why.

1. It is the most expensive Plan on the Market
2. It has the highest rate increases of all the Medicare Supplement Plans
3. The Medicare Supplement Plan F will no longer be available to new enrollment as of 2020.

**The Medicare Supplement Plan F High deductible plan will not be changed in 2020.

New Mexico Medicare Supplement Plan G

The Medicare Supplement Plan New Mexico that offers the most coverage for the lowest premium is the Medigap Plan G.  The Medicare Supplement Plan G offers the exact same benefits as Plan F except that you will pay the Part B deductible.  The Part B deductible is set by Medicare and can change, but at this time it is $226.00 per year. 

The New Mexico Medicare Supplement Plan G is normally $300.00 to $400.00 per year less in premium than Plan F and historically has much lower rate increases.  

Once the Part B deductible ($226 for 2023) is paid, your benefits will be identical to the Medicare Supplement Plan F.  Why would anyone want to pay an insurance company $300.00 to $400.00 a year more just to pay a $226.00 deductible?

New Mexico Medicare Supplement Plan N

Medicare Supplement Plan N is one of the lowest cost Medicare Supplement Plans, but you will take on a little more risk and out-of-pocket costs.  With a Medigap Plan N, you will have copays of $20.00 for doctor visits and $50.00 for an emergency room visit.

Paying a copay is something that most people are used to, and does add some cost if and when you go to the doctor, but there is another facet of the Plan N that you need to be aware of.

Plan N does not cover Medicare Part B excess charges, now this could be a big deal or nothing at all.  If a doctor accepts Medicare but is not assigned by Medicare he can legally charge you 15% over the Medicare-approved amount.  You would then be responsible for that extra cost.

What about Medicare Advantage Plans in New Mexico?

Medicare Advantage plans, also known as Part C, are an alternative way for beneficiaries to receive their Original Medicare (Part A and Part B) benefits. These are private insurance plans that are approved and regulated by the federal government. Beneficiaries have the option to enroll in a Medicare Advantage plan instead of Original Medicare, and these plans often include additional benefits that Original Medicare does not cover. For instance, most Medicare Advantage plans include prescription drug coverage (Part D) as part of their offerings. Other potential benefits may include coverage for vision, dental, hearing, and wellness programs.

Each Medicare Advantage plan can vary significantly in terms of costs, covered services, and network of providers. While the Medicare program sets certain rules, the private insurance companies that offer these plans have discretion over certain aspects of coverage. This can include the types of services covered, the level of cost-sharing for certain services, and the specific doctors and hospitals included in the plan’s network. Beneficiaries need to carefully review the details of any Medicare Advantage plan before enrolling to ensure it meets their healthcare needs and financial circumstances.

Now, the excess charges could end up not being a problem at all, in fact, there are some states that do not allow the excess charges, and sadly New Mexico is not one of them.  As of the last report, approximately 93% of doctors across the United States accept Medicare Assignment and if you do your due diligence when looking for a doctor or having a procedure done, it should not be a problem.

For complete details on Medicare Supplement Plans New Mexico, you can reach us by email on our contact us page or by calling 844-528-8688.  Remember there is never a fee for our services.

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