by Russell Noga | Updated September 13th, 2023
New Mexico residents over 65 qualify for Medicare Parts A & B to assist with managing their annual medical and hospital expenses. However, you must pay for the 20% of costs not covered by these policies.
Medicare supplement plans, also known as “Medigap,” help you cover the out-of-pocket costs associated with your treatment and care.
In New Mexico, a 65-year-old nonsmoking woman pays an average of $120 per month across all plans and providers. Plans F, G, and N premiums are based on specific factors such as age, gender, tobacco use, location, and more.
This article gives you information on the premiums for the best Medicare supplement plans New Mexico has to offer.
We’ll look at the lowest-cost insurers for Plans F, G, & N, the most popular plans in The Land of Enchantment.
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Popular Provider for Medicare Supplement Plan G New Mexico
29 insurers offer Plan G in New Mexico, with the market average pricing being $129.90 per month across all providers.
Humana offers the lowest-cost premiums, averaging $105. Cigna is a good deal for extra perks, with average premiums of $126.51.
Aetna is the most expensive insurer for Plan G policies, with monthly premiums of $144.90. You can save $40 a month by going with Humana over Aetna.
Here are the average monthly premiums from the top providers in the state. (Based on a 65-year-old nonsmoking woman).
- Humana: $105
- Cigna: $127
- Aetna: $145
What Does Plan G Cover?
Plan G covers you for all Part A & B out-of-pocket expenses. However, it doesn’t cover the Part B deductible. Plan G is the most popular option for seniors eligible for Medicare after January 1, 2020.
- Part A coinsurance and hospital costs up to an extra 365 days after Medicare benefits expire.
- Part B coinsurance or copayments.
- Blood (first 3 pints).
- Part A hospice care coinsurance or copayments.
- Skilled nursing facility care coinsurance.
- Part A deductible.
- Part B excess charges.
- 80% of foreign travel exchange (up to plan limits).
Popular Provider for Medicare Supplement Plan F New Mexico
30 insurers in New Mexico offer Plan F, with the average premium being $187 across all providers.
Aetna is the most affordable option, with a monthly rate of $175. Cigna is slightly more expensive at $182.29 per month, but you get better perks like gym memberships, discounted rates on hearing, vision, and dental services, and discounts on wellness products.
Aetna also offers a high-deductible version of Plan F for a monthly premium of $50.93.
Here are the average premium costs across all top-rated providers for Plan F. (Based on a 65-year-old female nonsmoker).
- Aetna: $175
- Cigna: $182.29
What Does Plan F Cover?
Plan F covers everything, even the Part B deductible. It’s the most comprehensive plan in the Medigap range.
However, it’s unavailable for people eligible for Medicare after January 1, 2020.
- Part A coinsurance and hospital costs up to an extra 365 days after Medicare benefits expire.
- Part B coinsurance or copayments.
- Blood (first 3 pints).
- Part A hospice care coinsurance or copayments.
- Skilled nursing facility care coinsurance.
- Part A deductible.
- Part B deductible.
- Part B excess charges.
- 80% of foreign travel exchange (up to plan limits).
Popular Provider for Medicare Supplement Plan N New Mexico
29 insurers offer Plan N in New Mexico, with the average premium across all providers in the state being $132.80 per month. Cigna has the most affordable premium at an average of $86.02 monthly.
Humana is the most expensive provider, with average premiums of $118.20 per month. You can save $32 monthly by going with Cigna over Humana, and you still get excellent perks with your policy.
Here are the average monthly premiums from the leading insurers in New Mexico, based on a 65-year-old female nonsmoker.
- Cigna: $86
- Aetna: $107
- Humana: $118
What Does Plan N Cover?
Plan N requires you to make a $20 copayment at the doctor’s and a $50 copayment at the emergency room if not admitted. It also doesn’t cover Part B excess charges if you see practitioners that charge more than Medicare-approved rates. Plan N doesn’t cover the Part B deductible of $226.
- Part A coinsurance and hospital costs up to an additional year after Medicare benefits expire.
- Blood (first 3 pints).
- Part A hospice care coinsurance or copayments.
- Skilled nursing facility care coinsurance.
- Part A deductible.
- 80% of foreign travel exchange (up to plan limits).
What Do Plans F, G, & N Not Cover?
All Medigap plans don’t cover the costs of preventative treatments like physiotherapy, and you don’t get coverage for dental, vision, and hearing services.
Medigap doesn’t cover long-term stays at non-skilled nursing facilities or private-duty nursing.
They also don’t cover prescription medications.
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What are the Popular Alternate Medicare Supplement Plans in New Mexico?
There are other options for Medigap plans other than plans F, G, & N for New Mexico residents. However, they don’t offer the same level of comprehensive cover as F, G, & N.
- Plan A –Allstate
- Plan C – Humana
- Plan K – Humana
- Plan L – Humana
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Frequently Asked Questions
What are Medicare Supplement Plans in New Mexico, and how do they differ from Original Medicare?
Medicare Supplement Plans, also known as Medigap plans, are private health insurance policies designed to fill the gaps in coverage left by Original Medicare (Part A and Part B). These plans help cover out-of-pocket costs like deductibles, coinsurance, and copayments, providing more comprehensive healthcare coverage.
How can I determine the best Medicare Supplement Plan for my needs in New Mexico?
Choosing the best plan depends on your individual healthcare requirements and budget. Compare the various Medigap plans offered in New Mexico, assessing their coverage, premiums, and potential future needs. Working with a licensed insurance agent can also be beneficial in finding the most suitable plan.
Are the benefits of Medicare Supplement Plans in New Mexico standardized?
Yes, Medicare Supplement Plans are standardized by the federal government. This means that the basic benefits offered by each plan are the same across different insurance companies. However, the premiums may vary, so it’s crucial to compare offerings from various insurers.
Can I enroll in a Medicare Supplement Plan in New Mexico if I have pre-existing conditions?
During your Medigap Open Enrollment Period (OEP), insurance companies are not allowed to deny you coverage or charge higher premiums based on pre-existing conditions. OEP typically starts when you turn 65 and are enrolled in Medicare Part B.
What is the best time to enroll in a Medicare Supplement Plan in New Mexico?
The best time to enroll is during your Medigap Open Enrollment Period, as mentioned earlier. This period lasts for six months and begins when you are 65 or older and enrolled in Medicare Part B. During this time, you have guaranteed issue rights, ensuring acceptance by insurance companies without medical underwriting.
Do Medicare Supplement Plans in New Mexico include prescription drug coverage?
No, Medicare Supplement Plans do not provide prescription drug coverage. To obtain prescription drug coverage, you need to enroll in a Medicare Part D plan separately.
How do the premiums for Medicare Supplement Plans in New Mexico change from year to year?
Medicare Supplement Plan premiums may vary from one insurance company to another and can change each year due to factors such as inflation, medical cost trends, and the insurance company’s claims experience. It’s essential to review your plan annually and compare it with other available options.
Can I switch between Medicare Supplement Plans in New Mexico after I have enrolled?
Yes, you can switch between Medicare Supplement Plans at any time of the year. However, unlike the Medigap Open Enrollment Period, insurance companies may use medical underwriting during other times, which could affect your eligibility and premiums.
Are preventive services covered under Medicare Supplement Plans in New Mexico?
No, preventive services are covered by Original Medicare (Part B). Medicare Supplement Plans do not offer additional coverage for preventive services. Part B covers certain screenings, vaccinations, and annual wellness visits.
How do I find the most reputable insurance companies offering Medicare Supplement Plans in New Mexico?
Research online, read customer reviews and seek recommendations from friends, family, or healthcare professionals. Consider working with licensed insurance agents who can help you compare different plans and find the most reputable insurers offering Medicare Supplement Plans in New Mexico.
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Russell Noga is the CEO and Medicare editor of Medisupps.com. His 15 years of experience in the Medicare insurance market includes being a licensed Medicare insurance broker in all 50 states. He is frequently featured as a featured as a keynote Medicare event speaker, has authored hundreds of Medicare content pages, and hosts the very popular Medisupps.com Medicare Youtube channel. His expertise includes Medicare, Medigap insurance, Medicare Advantage plans, and Medicare Part D.