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Medicare Plans in New Mexico in 2022

Medicare is a federal health insurance program that pays for some of your healthcare costs once you turn 65. Believe it or not, where you live has a significant impact on what types of Medicare coverage you have access to. 

Being aware of your state-specific Medicare rights can help you to find the best plan options possible. That’s why it’s so important to have a good understanding of the nuances of Medicare in your state. Below we’ll be explaining your Medigap, Medicare Advantage, and Part D options in New Mexico.

How To Apply for Medicare in New Mexico

If you are a New Mexico resident who is only interested in enrolling in Original Medicare, you can do so through your local Social Security office. You can sign up in-person, online, or over the phone once you become eligible for Medicare.  

However, if you want to enroll in a Medicare Advantage plan, Medicare Supplement Insurance, or Part D drug coverage, we recommend you speak with a licensed insurance agent. They can walk you through the process and help you to find the right plan for you. 

Reach out to a team member here at Medicare Plans Direct today to have all of your Medicare-related questions answered.

Medicare Supplement Plans in New Mexico

Which Medigap plans are available to you in New Mexico will depend on a number of factors, such as which insurance company you enroll with and where you reside.

There were 69,828 New Mexico residents enrolled in Medicare Supplement Insurance plans in 2019. This figure represented just 16.7% of the total of Medicare enrollees in the state that year.

The most popular Medigap plans in New Mexico include Plans F, G, and N. These plans offer some of the most comprehensive coverage around.

However, beneficiaries who first became eligible for Medicare on or after January 1, 2020 will no longer be allowed to enroll in Plan F. Plans G and N are good alternatives.

Medigap Enrollment in New Mexico

If you are interested in enrolling in Medigap insurance in New Mexico, the best time to do so is during your Medigap Open Enrollment Period (OEP)

This occurs when you first become eligible for Medicare and enroll in Medicare Part B, and it lasts for 6 months. During this time, you can enroll in any Medigap plan offered in your area regardless of your health history

Unless you qualify for a guaranteed issue right, you may have to undergo medical underwriting if you want to sign up for a Medigap plan after your OEP finalizes. In this case, insurance companies reserve the right to deny you coverage and/or charge you higher rates. 

Examples of guaranteed issue rights in New Mexico include moving out of your Medicare Advantage plan’s coverage area, a change in retiree benefits, and losing your employer coverage. 

Medigap in New Mexico for Disability Enrollees

Beneficiaries under the age of 65 who qualify for Medicare because of a disability are not granted any special Medigap protections in New Mexico. They can try to enroll in Medicare Supplement Insurance during the first six months that they become eligible for Medicare and enroll in Part B, though insurance companies aren’t obligated to sell them coverage, and in the case that they do, can charge them significantly higher premiums. 

According to the Medicare Medigap plan finder tool, there were only two insurance companies that offered coverage to Medicare beneficiaries under the age of 65 in 2021.

However, the New Mexico Medical Insurance Pool (NMMIP) offers these individuals the option to enroll in the state’s high-risk health insurance pool, the NMMIP Medicare Carve-Out Plan

Many high-risk pools disappeared after the Affordable Care Act eliminated medical underwriting in the private insurance market. New Mexico, along with a handful of other states, has maintained their pool to provide coverage options to Medicare beneficiaries who qualify for the program because of a disability. 

The NMMIP Medicare Carve-Out Plan is available to disability beneficiaries who are also enrolled in both Medicare Part A and Part B. The program works by coordinating benefits with Original Medicare to alleviate out-of-pocket costs for qualifying enrollees. Premiums ranged between $171 and $704 in 2022 and increase with age. 

People who enroll in Medicare before they turn 65 will have another OEP during the six months following their 65th birthday. When this happens, they are allowed to sign up for any Medigap plan offered in their area without having to undergo medical underwriting. 

Medigap Premiums in New Mexico

Medigap premiums in New Mexico can be influenced by a number of factors. Which plan you choose, when you enroll, and the company you enroll with can all impact how much you pay for your Medicare Supplement Insurance monthly premium. 

Most New Mexico Medigap insurance companies use an attained-age rating system when it comes to determining monthly premiums. This means that your monthly premium will likely increase as you get older, which is important to consider when choosing a Medigap plan. 

Some companies offer issue-age rated plans. In this case, premiums are determined by the age you were when you enrolled in the policy. 

Finally, one New Mexico Medicare Supplement Insurance company offers plans with community-rated premiums in 2022. When it comes to these plans, premiums are typically the same for everyone in your area. 

Though Medigap plans’ benefits are federally standardized, companies can decide how they want to set premium rates. For that reason, we always recommend consulting with a knowledgeable insurance agent before deciding on a Medicare Supplement to ensure that you are getting the best value plan for you.

Medicare Advantage Plans in New Mexico

Another coverage option for people looking for more benefits than those offered by Original Medicare is Medicare Advantage. Also known as Part C, these plans provide the coverage that you get under Original Medicare on top of additional benefits, which can include drug coverage, hearing coverage, vision coverage, dental coverage, and more

Many New Mexico residents over the age of 65 choose Medicare Part C as their preferred coverage option, and 41.5% of Medicare beneficiaries in the state were enrolled in a Medicare Advantage plan in 2021. There are 69 Medicare Advantage plans available in New Mexico in 2022

100% of New Mexico Medicare beneficiaries have access to at least one Medicare Advantage plan in 2022. However, which Medicare Advantage plans you have available to you depends on where exactly you reside, as plan availability varies from county to county

For example, Medicare enrollees who live in Bernalillo County can choose between 53 plans in 2022, while residents of smaller counties have significantly fewer options (there are only 5 plans offered in Harding and Union). 

When it comes to monthly premiums, what you pay for your Medicare Advantage plan depends on where you live, the plan that you choose, and more. In 2022, the average Part C monthly premium for New Mexico Medicare beneficiaries is $14.73. Plus, all New Mexico Medicare enrollees have access to at least one plan with a $0 monthly premium. 

Deciding which is the right Medicare Advantage plan for you is best done with the help of an experienced insurance agent. Here at Medicare Plans Direct we help you make the best Medicare choices possible at no extra cost to you. Reach out today to receive free Medicare advice.

Medicare Part D in New Mexico

Another thing for Medicare beneficiaries in New Mexico to keep in mind is their Part D prescription drug coverage options. In 2022, there are 21 stand-alone Medicare prescription drug plans available to New Mexico Medicare enrollees

How much you will have to pay for your prescription drug plan premium depends on where you live and which insurance company you purchase your plan through. In 2022, the average Part D premium in New Mexico is $51.77

You can also find drug plans with $0 deductibles, though insurance companies usually charge higher monthly premiums for these plans. In 2022, there are four no-deductible plans available to New Mexico residents, and the lowest-cost stand-alone drug plan with a $0 deductible has a monthly premium of $63.60. 

It is usually a good idea to enroll in prescription drug coverage when you are first eligible if you foresee it being necessary in the future. If you don’t sign up for Medicare Part D when you first qualify and don’t have some other form of creditable drug coverage, you could face late enrollment penalty fees down the road.

Some Medicare Advantage plans include prescription drug coverage, but if you are enrolled in Original Medicare and/or a Medigap policy, you will need a stand-alone drug plan to cover the costs of your prescription drugs. 

At Medicare Plans Direct, we’re here to help you navigate your Medicare enrollment journey. Reach out today for a free consultation with a licensed insurance agent. 

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