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Medicare Supplement Insurance Plans in New Mexico

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About Medicare Supplement insurance plans in New Mexico

Medicare Supplement insurance (also called Medigap) in New Mexico, as in other states, is optional health insurance offered by private insurance companies. Medigap plans help cover out-of-pocket costs that Original Medicare doesn’t cover, like copayments, deductibles, and coinsurance.

In most states, including New Mexico, there are ten standardized Medigap policy options, named with letters A through N. (Medigap Plans E, H, I, and J are no longer sold.) Each standardized plan of a given letter name covers the same portion of Original Medicare out-of-pocket costs; for example, Medigap Plan K coverage is the same no matter where you buy the policy. Other Medigap plans, such as Medigap Plan A (not to be confused with Medicare Part A), cover different amounts of Original Medicare out-of-pocket costs. But while each Medigap plan has the same coverage as plans of the same name, the costs and availability may vary.

If you’d like to apply for a Medicare Supplement insurance plan in New Mexico, a good time to do so is during the six-month Medigap Open Enrollment Period (OEP). The OEP begins on the first day of the month that you’re both over the age of 65 and enrolled in Medicare Part B.

During the Medigap OEP, beneficiaries have the guaranteed issue right to enroll in a Medigap plan, meaning that they are not subject to medical underwriting, and don’t have to pay higher out-of-pocket costs or be denied coverage based on pre-existing conditions*.

After the six-month Medigap OEP has expired, you can still apply for a Medicare Supplement insurance plan in New Mexico, but in most cases you don’t have the same guaranteed issue rights described above, and plans don’t have to accept your application. But in certain situations, you may still apply with guaranteed acceptance outside of the Medigap OEP.

Compare Medicare Supplement insurance plans in New Mexico

Since the various Medicare Supplement insurance plans cover different portions of Original Medicare out-of-pocket costs, you might want to think about which Medicare services you use, and how often. Then take a look at the various Medigap plans available in your area of New Mexico and see if you can find a plan that may suit both your health needs and budget.

You can begin comparing plans today by entering your zip code at the top of this web page. We will provide you with a customized list of Medigap plans available in your area.

*Pre-existing conditions are generally health conditions that existed before the start of a policy. They may limit coverage, be excluded from coverage, or even prevent you from being approved for a policy; however, the exact definition and relevant limitations or exclusions of coverage will vary with each plan, so check a specific plan’s official plan documents to understand how that plan handles pre-existing conditions.

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