New Mexico Medigap Plans (Medicare Supplement Insurance) are additional coverage you can purchase from a private health insurance company to help cover your out-of-pocket expenses in Original Medicare. Stick with us and we’ll walk you through what you need to know about NM Medigap policies.
New Mexico Medigap Basics
You can only purchase Medigap if you have Original Medicare. This means you must enroll in both Medicare Part A (Hospital Insurance) and Part B (Medical Insurance) before being eligible to buy a Medigap policy.
All MedSup policies are standardized. There are 10 different types of Medigap plans offered in most states, identified by letters: A-D,G, F and K-N. The cost is the only difference between plans with the same letter sold by different insurance companies. (Source)
Why does this matter? Standardized plans ensure that the core coverage and doctor network of the plan remain identical, regardless of the insurance provider. This makes comparing Medigap companies effortless as they offer the exact same benefits (even if their monthly premiums differ). Below we will review all the available plans but the overwhelming majority of those new to Medicare select plan G.
NM Available Plans
Plans available for those Medicare-eligible after January 1, 2020:
| Benefits | A | B | D | G* | K | L | M | N |
|---|---|---|---|---|---|---|---|---|
| Medicare Part A Deductible ($1,632) | 100% | 100% | 100% | 50% | 75% | 50% | 100% | |
| Part B Deductible ($240) | ||||||||
| Medicare Part A Hospital Coinsurance and 365 additional hospital days | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Medicare Part B Coinsurance | 100% | 100% | 100% | 100% | 50% | 75% | 100% | 100% |
| First 3 Pints of Blood for a Transfusion | 100% | 100% | 100% | 100% | 50% | 75% | 100% | 100% |
| Medicare Part A Hospice Coinsurance or Copay | 100% | 100% | 100% | 100% | 50% | 75% | 100% | 100% |
| Skilled Nursing Facility Coinsurance | 100% | 100% | 50% | 75% | 100% | 100% | ||
| Medicare Part B Excess Charges | 100% | |||||||
| Foreign Emergency Healthcare | 80% | 80% | 80% | 80% | ||||
| Max Out-of-Pocket | $7,060 | $3,530 |
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*Medigap Plan G High deductible ($2,800) is also available. Note: Plan F and Plan C are not featured on this chart as they are no longer available to those new to Medicare.
When to enroll in a New Mexico Medigap Plan
In NM, like many states, when you enroll in Medicare Part B, either due to age or disability, a 6-month open enrollment window for a Med Supp policy is activated. This Open Enrollment Period guarantees your coverage with a plan and a company of your preference.
If you fail to secure a plan during your 6-month open enrollment, any insurance company you approach can reject coverage based on your health status. There are some limited additional open enrollment periods available if you’re disenrolling from credible coverage from work.
It’s important to understand that the term “Open Enrollment” does not refer to an annual occurrence. Instead, it happens only when you become eligible for Medicare for the first time in New Mexico. That is why we like to refer to it as your Initial Enrollment. If for some reason you couldn’t enlist in time, you can read our article Help! I’ve Missed My Medigap Initial Enrollment Period. What Should I Do?
Most Popular Plan in New Mexico
Based on the most recent data published by America’s Health Insurance Plans (AHIP), more than 70,000 individuals in New Mexico have acquired a Medigap policy.
As you might know, there have been alterations in Medigap plans starting from 2020. Previously, Plan F held the top spot in popularity within NM. Although it continues to maintain a substantial clientele, it is not enrolling new policyholders. Consequently, the preferred choice for newly insured individuals is Plan G, with approximately 24,500 beneficiaries opting for it.
New Mexico Medigap Discounts
While all Medigap plans follow standardization, some insurers provide “Household Discounts” or “HH Discounts.” These typically offer a percentage reduction in your monthly Medicare Supplement premium when two individuals from the same address are both enrolled with the same Medigap insurance provider. However, certain insurers do not mandate both household residents to be on the plan for the HH discount. Feel free to contact us for more details.
This discount is available for various types of residences, be it a house, apartment, yurt, trailer, or any other dwelling. It’s applicable even if your spouse is already enrolled, and you are applying as a new enrollee.
Please note that household discounts may not be automatically displayed in our Medigap quoting system. To view them, ensure you click the “show household discount” button on the results page. Alternatively, you can call Senior65.com 800-930-7956 to learn about how HH discounts function in your area.
Next Step
Now that you have knowledge about the available plans and accessible discounts, it’s time to make a move. We are here to help you identify the Medigap plan that best fits your unique requirements.
Don’t hesitate to leave a comment or question in the section below, or reach out directly to us at 800-930-7956. Keep in mind, Senior65.com does NOT charge any fees for its services!