Medicare Supplement Plans in New Mexico

Jory Cross by Jory Cross | Licensed since 2012
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This article was updated on: 10/12/2018

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Since Original Medicare (Part A and Part B) has no out-of-pocket maximum, out-of-pocket costs may be a concern for you. Fortunately, you may have options for Medicare Supplement (Medigap) Plans in New Mexico to help cover your expenses under Original Medicare. Here’s some information to help you decide if Medicare Supplement is the right choice for you.

What are Medicare Supplement Plans in New Mexico?

Medicare Supplement Plans in New Mexico cover either all or part of your Medicare Part A and/or Part B deductibles, copayments, and coinsurance amounts, depending on the plan you choose. They do not, however, cover premiums or any costs associated with prescription drugs, routine dental, routine vision, or routine hearing.

Like Medicare Advantage plans, Medicare Supplement plans are offered by private insurance companies. The plans and benefits are standardized by the federal government, which means that a Medicare Supplement Plan A in New Mexico has the same basic benefits as a Plan A in any other state (except Minnesota, Massachusetts, and Wisconsin, which set their own plan guidelines). However, each company is free to set its own premiums, which you pay in addition to your monthly Medicare premiums.

How do I compare Medicare Supplement Plans in New Mexico?

Before you contact individual companies about specific plans, it’s a good idea to take a good look at your current health care needs and expenses, and consider what you’ll be able to pay in the future. Once you choose one of the Medicare Supplement Insurance Plans in New Mexico, it may be very hard to change later, so it’s important to buy today with your future needs in mind. You can compare the coverage of various Medicare Supplement plans with this handy Medicare Supplement plans comparison chart.

Once you’ve identified the right plan for you, you can look at companies in the state that offer it. You may want to contact your State Insurance Department to see if there are any complaints or other outstanding issues with the company you’re interested in. Then you can compare premiums for the companies you like the most. Once you find a plan that suits your needs and your budget, you simply complete the application process and buy your plan.

When can I enroll in Medicare Supplement Plans in New Mexico?

The open enrollment period for Medicare Supplement Insurance Plans in New Mexico begins the month you turn 65 and enroll in Part B and lasts for six months. If you want Medicare Supplement, it’s very important to buy it when you’re first eligible. Unlike other Medicare products, insurers selling Medicare Supplement Insurance Plans can require medical underwriting once you’re past your Open Enrollment Period.

If you don’t meet the medical underwriting standards, perhaps due to a serious or chronic health condition, the insurance company can refuse to sell you a plan, or charge you much higher premiums than if you’d enrolled when you were first eligible.

In very limited situations, you may qualify for guaranteed issue rights for Medicare Supplement Insurance Plans in New Mexico. For example, if you have a Medicare Advantage plan but moved out of state and decided to switch to Original Medicare, you may buy certain Medicare Supplement plans with your guaranteed issue rights without meeting medical underwriting standards.

What else should I know about Medicare Supplement Plans in New Mexico?

Some Medicare Supplement Insurance Plans in New Mexico have “first dollar” coverage, which means they cover your Part A and Part B deductibles, as well as your copayment and coinsurance amounts. If you think you want this comprehensive coverage, it’s important to buy it as soon as you are eligible. Congress passed laws in 2015 eliminating plans that cover the Part B deductible.

As a result, Plans C and F will no longer be available as of January 1, 2020. However, if you bought your plan prior to that time, you’ll be allowed to keep it. If you don’t, the closest alternative is Plan G, which covers everything that Plan F covered, except the Part B deductible.

If you plan to travel overseas, some Medicare Supplement Insurance Plans in New Mexico offer coverage for emergency medical expenses during the first 60 days of travel. Original Medicare doesn’t cover health care expenses during foreign travel except in extremely limited situations.

Need more information about Medicare Supplement Plans in New Mexico?

I am happy to help you find the information you need; you request an email by clicking on the buttons below. You can also find out about Medicare plan options in your area by clicking the Compare Plans button.

The product and service descriptions, if any, provided on these Medicare.com Web pages are not intended to constitute offers to sell or solicitations in connection with any product or service. All products are not available in all areas and are subject to applicable laws, rules, and regulations.

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