Another good thing about these plans is that there is no guesswork when it comes to their benefits. While Medicare Supplement Plans are offered by private insurance companies, they are standardized by the government. Medicare Supplement Plans are governed by the Centers for Medicare & Medicaid Services (CMS). The CMS mandates that all plans with the same letter name provide the same benefits to enrollees regardless of where the plan is purchased.
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With that being said, though, premiums vary from insurer to insurer, so it’s important to shop around for the best deal by comparing a variety of Medicare Supplement Plans and insurance companies. You can get help comparing both from EZ, but first take a look at our guide to Medicare Supplement Plans in New Mexico.
New Mexico Medicare Supplement Plans
A Medicare Supplement Plan is your best option if you need additional coverage to fill the gaps in Original Medicare. Especially the 20% coinsurance you have to pay each time you access Medicare Part B services.
There are ten standardized Medicare Supplement Plans in New Mexico. Each labeled with a letter of the alphabet: A, B, C, D, F, G, K, L, M, and N. Not every insurance provider in New Mexico will offer every plan, but Plan A must be accessible to everyone. Plan C and Plan F are only accessible to people who became eligible for Medicare before January 1, 2020.
To help you get started, we’ve outlined all ten plans, including their coverage and the average premium range in New Mexico.
Plan A
Plan A, the only plan offered by all insurers, is also the most basic. It’s simple, but it addresses one of the biggest gaps in Medicare coverage: the 20% of outpatient services you’re required to pay with Medicare Part B. While all Medicare recipients over the age of 65 have access to Plan A, some states do not require insurers to make this plan available to Medicare disability recipients under the age of 65.
Monthly Plan A premiums in New Mexico cost between $78 and $416.
Plan B
Medicare Supplement Plan B offers a little more coverage than Plan A does. It covers all the basics that Plan A does, including:
- Medicare Part A coinsurance and hospital costs – Medicare Part A only fully covers your first 60 days of inpatient hospital stays in a benefit period; after that, you are required to pay coinsurance for each day after your initial 60 days. Days 61-90 have a coinsurance of $400 a day, days 91-150 (after you use your Lifetime Reserve days) have a coinsurance of $800 a day. Plan B covers 100% of these costs.
- Medicare Part B coinsurance or copay – You’ll typically have to pay Medicare Part B coinsurance for doctor visits and other outpatient care. That means Medicare Part B pays 80% of the Medicare-approved amount for covered services, leaving you to pay the remaining 20%. Plan B covers 100% of this.
- First 3 pints of blood – Original Medicare only pays for the fourth and subsequent pints of blood if you need blood during treatment. Plan B will pay for the first three pints.
- Part A hospice care and coinsurance – Hospice care is for patients who are nearing the end of their lives. These services are covered by Medicare, but copayments are required. These copayments include $5 for each symptom and pain relief medication prescription, as well as 5% of the Medicare-approved amount for inpatient assisted living. Plan B covers all expenses related to hospice care.
But Plan B is a step up from Plan A because it covers the Medicare Part A deductible, which Plan A does not. In 2023, the Medicare Part A deductible is $1,600 per benefit period, and because it is charged on a 60-day basis rather than on an annual basis, you might have to pay it more than once a year. Therefore, having a plan that includes this protection could be extremely beneficial.
Monthly Plan B premiums in New Mexico will likely cost between $118 and $340.
Plan C
Part C is one of the most thorough Medicare Supplement Plans available, but it is not available to all beneficiaries. Except for Medicare Part B excess charges, all out-of-pocket costs are covered by Plan C. This means that Plan C covers your Parts A and B deductibles as well as the 20% Part B coinsurance.
Coverage includes the following:
- Part A hospital deductible and coinsurance
- Hospital costs up to an additional 365 days after Medicare benefits are exhausted
- Part A hospice care coinsurance or copayment
- Blood (the first 3 pints)
- Other Medicare-approved expenses associated with Part A hospitalization
- Medicare Part B coinsurance and copayments
- Part B deductible
- Other Medicare-approved expenses associated with Part B coverage
Unfortunately, Plan C is no longer available to Medicare enrollees who became eligible after January 1, 2020. If you had Plan C before that date, you can keep it, and if you were eligible for Medicare before Jan. 1, 2020 but haven’t yet signed up, you may still be able to purchase it.
Medicare Supplement Plan C premiums in New Mexico range from $112 to $404 per month.
Plan D
Plan D covers the majority of out-of-pocket expenses associated with Original Medicare including:
- Part A hospital coinsurance and hospital costs up to an extra 365 days after Original Medicare benefits are exhausted
- Part A hospice care coinsurance or copayment
- Part B coinsurance
- First 3 pints of blood
- Skilled nursing facility (SNF) care coinsurance – After the 20th day of your stay as an inpatient in a skilled nursing facility, Medicare Part A requires you to pay coinsurance. Part A coinsurance for skilled nursing facility care is $200 per day in 2023. Part D covers this coinsurance.
- Part A deductible
- 80% of foreign travel emergency costs (up to plan limits)
The only major expenses that Plan D does not cover are Medicare Part B deductibles and Part B excess charges. You are responsible for Part B excess charges if your doctor refuses to accept Medicare assignment and chooses to bill you for more than Medicare would cover. The difference between what your doctor charges and what Medicare pays are known as excess charges, and while a few select plans cover them, they are not covered by Plan D. That means if you plan on seeing doctors who do not accept Medicare assignment, you should skip Plan D.
Monthly Plan D premiums in New Mexico can cost between $98 and $236.
Plan F
Because of its comprehensive coverage, Plan F has long been the most popular Medicare Supplement Plan on the market, but it is not available to all beneficiaries. You only have to pay your monthly Plan F premium with this plan; all other out-of-pocket expenses are covered. Plan F includes the following benefits:
- Part A hospital deductible and coinsurance
- Hospital costs up to an additional 365 days after Medicare benefits are exhausted
- Part A hospice care coinsurance or copayment
- Blood (the first 3 pints)
- Other Medicare-approved expenses associated with Part A hospitalization
- Medicare Part B 20% coinsurance and copayments
- Medicare-approved doctor’s office fees
- Part B deductible
- Medicare Part B excess charges
- Other Medicare-approved expenses associated with Part B coverage
Plan F will not be available to anyone who became or becomes Medicare-eligible after January 1, 2020. If you were eligible for Medicare prior to 2020, you can purchase one of these plans; if you have Plan F and are grandfathered in, you can keep it indefinitely.
Plan F premiums in New Mexico typically range from $117 to $421 per month.
Plan G
If you like the sound of Plan F, but are not eligible to purchase one of these plans, look into Plan G. This plan covers almost everything that Plan F does, including:
- Part A coinsurance and hospital costs up to an additional 365 days after Medicare benefits are used up
- Part A deductible
- Part A hospice care coinsurance or copayment
- Part B coinsurance or copayment
- Part B excess charges (if a provider is permitted to charge more than Medicare’s approved amount and does so)
- Blood transfusion (first 3 pints)
The only thing Plan G does not cover is the Medicare Part B deductible, so it is a very comprehensive plan that can save you a lot of money. Plan G premiums typically cost between $98 and $379 per month, making it more affordable than Plan F.
Plan K
Medicare Supplement Plan K reduces your out-of-pocket expenses with Original Medicare, but it does not completely fill the gaps. Plan K only covers half of the following costs:
- Medicare Part B coinsurance – Plan K covers half of these costs, so you will be responsible for 50% of your 20% coinsurance. For example, if your doctor charges $100 for a service, Medicare Part B will cover $80, Plan K will cover $10, and you will pay the remaining $10.
- First 3 pints of blood
- Part A hospice care coinsurance or copayment – Plan K will pay for half of these costs.
- Skilled nursing facility care coinsurance – Plan K pays half of the coinsurance for medical care in skilled nursing care facilities.
- Medicare Part A deductible – Medicare Supplement Plan K will pay half of these deductibles, or $800. Plan K requires you to pay the Medicare Part B deductible, which is $226 in 2023.
Plan K has higher out-of-pocket costs at the time of service, but it has one feature that other plans do not: an out-of-pocket maximum. This out-of-pocket maximum, set at $6,620 in 2023, means that you won’t have to pay more than that amount for Plan K in a single year . Once you’ve paid this much in out-of-pocket medical expenses, Medicare Supplement Plan K will cover the remaining approved costs for the year. Your maximum will be reset at the beginning of each calendar year.
Furthermore, while Plan K only covers half of many out-of-pocket expenses, it covers the Medicare Part A coinsurance completely.
Because of its higher out-of-pocket costs, Plan K premiums are lower than those of most plans, ranging from $38 to $134 per month in New Mexico.
Plan L
Medicare Supplement Plan L covers the majority but not all Original Medicare expenses, and it covers these expenses at a higher rate than Plan K does. Also like Plan K, it has an out-of-pocket maximum, which is lower than Plan K’s($3,310 in 2023), after which your insurance company will pay for the remainder of the year’s expenses.
Medicare Supplement Plan L covers all coinsurance and hospitalization costs associated with Medicare Part A. In addition, it covers a portion of the following:
- Medicare Part B coinsurance – Plan L covers 75% of your Part B coinsurance.
- Blood – If you require blood while in the hospital, Plan L will cover 75% of the cost of the first three pints.
- Part A hospice care copayments – Plan L pays 75% of your Part A copays for hospice care.
- Skilled nursing facility care coinsurance – Plan L pays 75% of the $200 per day (after the 20th day of your stay) coinsurance for medical care in skilled nursing care facilities.
- Part A deductible – Medicare Supplement Plan L will cover 75% of your Part A deductibles for each 60-day benefit period. You must still meet your Medicare Part B deductible, which is $226 per year in 2023, if you choose Plan L.
Medicare Supplement Plan L premiums cost between $61 and $260 a month in New Mexico.
Plan M
Plan M covers the majority of your Original Medicare out-of-pocket expenses, but not all. With that being said, it covers more than either Plans K or L do. It covers:
- Medicare Part B coinsurance – Plan M pays your Part B coinsurance and/or copayments in full.
- Blood – If you require blood while in the hospital, Medicare Supplement Plan M will cover the first three pints of blood in full.
- Part A hospice care coinsurance or copayment – Plan M will cover all of your hospice care coinsurance and copays in full.
- Skilled nursing facility care coinsurance – Plan M covers the entire cost of Part A skilled nursing facility coinsurance.
- Part A hospital expenses and coinsurance
- Part A deductible – While Medicare Supplement Plan M covers most Part A costs, it will only cover half of your Medicare Part A deductible. If you have Plan M, you will have to pay half of the $1,600 (or $800) deductible rather than the full $1,600.
The cost of Plan M premiums in New Mexico ranges from $94 to $291 per month.
Plan N
Medicare Supplement Plan N is yet another comprehensive Medicare Supplement Plan option. Plan N excludes only two items: the Medicare Part B deductible ($226 in 2023) and any Medicare Part B excess charges. Which is any portion of medical bills that exceed the Medicare-approved amount. It does, though, have copayments for some Part B services, which other plans do not.
Medicare Supplement Plan N provides nearly complete coverage for the following:
- Medicare Part B coinsurance – Plan N will cover your Part B coinsurance costs in full, with the exception of a copayment of up to $20 for some office visits. For emergency room visits that do not result in an inpatient admission, a second copayment of up to $50 may be required.
- Blood – If you require blood while in the hospital, Medicare Supplement Plan N will cover the first three pints.
- Part A hospice care coinsurance or copayment – Plan N pays your hospice care coinsurance and copayments in full.
- Skilled nursing facility care coinsurance – Your skilled nursing facility coinsurance will be fully covered by Medicare Supplement Plan N.
- Part A deductible – Medicare Supplement Plan N pays your $1,600 deductible in full for each 60-day benefit period.
- Foreign travel emergency care – Original Medicare typically does not cover medical care received outside of the United States. If you need emergency care while traveling outside of the United States, Medicare Supplement Plan N will cover 80% of the costs of qualified emergency medical care.
The price for Plan N can range from $75 to $371 a month in New Mexico.
When to Enroll
There is no annual enrollment period for Medicare Supplement Plans. Instead, federal regulations grant a single six-month period during which Medicare Supplement Plan coverage is ‘guaranteed issue’. Meaning insurance companies cannot deny you or charge you more for coverage. This window begins when you turn 65 and enroll in Medicare Part B.
If you are disabled and have been receiving disability benefits for at least two years, you are eligible for Medicare. However, federal regulations do not guarantee access to Medicare Supplement Plans to you. Although the majority of states have taken steps to ensure disabled enrollees’ access to Medicare Supplement coverage, New Mexico has not. With that being said, insurers can and do voluntarily offer these plans. So, it’s worth speaking to a variety of insurance companies to see what is available to you.
How To Choose
When it comes to Medicare coverage, don’t be afraid to ask questions. Speak to an EZ agent who can explain everything to you and give you all the guidance you need. EZ can assist you in enrolling in Medicare, looking for a New Mexico Medicare Supplement Plan, or simply weighing your options. Our agents work with the best insurance companies in the country. They can provide you with a free comparison of all available plans in your area. We will go over your medical and financial needs with you and help you find a plan that works for you. To get started, simply enter your zip code in the bar below or give one of our licensed agents a call at 877-670-3602.
