Facts About Medicare Supplement Plans in New Mexico:
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Over 267,618 New Mexico residents were enrolled in Medicare Part A and/or Part B in 2019, according to data from the Centers for Medicare and Medicaid Services (CMS)
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62,391 New Mexico residents had a Medicare Supplement, or Medigap, policy in 2017, according to data from America’s Health Insurance Plans (AHIP)
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Plan F is the most popular Medigap plan in New Mexico, with 39,663 enrollees in 2017, according to AHIP
Medigap helps senior and disabled New Mexico residents pay for certain Medicare co-payments, deductibles, and other costs. Insurance companies can offer state residents up to 10 standardized Medigap plan options: Plans A, B, C, D, F, G, K, L, M, and N. Each plan covers a slightly different combination of benefits.
Important: If you became eligible for Medicare on or after January 1, 2020, Plan F and Plan C will not be available to you.
New Mexico Medigap Enrollment Statistics
The chart below shows which plans were most popular in New Mexico in 2017, according to AHIP.
|
Popularity Ranking |
Plan |
Total Enrolled in 2017 |
|
1 |
F |
39,633 |
|
2 |
G |
8,306 |
|
3 |
N |
5,605 |
|
4 |
C |
1,652 |
|
5 |
A |
857 |
|
6 |
B |
839 |
|
7 |
D |
704 |
|
8 |
K |
450 |
|
9 |
L |
239 |
|
10 |
M |
7 |
Medigap Pricing Methods
Medigap pricing methods are important because they dictate how your premiums may increase in future years. There are 3 different pricing methods:
- Attained-age rated: The premium increases as you age
- Issue-age rated: The premium is based on your age when you buy and it may increase due to inflation and other factors, but not due to your age
- Community rated: The same premium is charged to all Medigap policyholders
The majority of Medigap policies issued in New Mexico are attained-age rated, according to the Kaiser Family Foundation (KFF).
Under-65 Enrollment Rules
Although Medigap is primarily for senior citizens, it’s also available to disabled people and those with end-stage renal disease (ESRD) in some states. Each state’s insurance department dictates the rules governing Medicare beneficiaries under the age of 65.
According to the KFF, insurance companies selling Medigap plans in New Mexico must offer at least one Medigap plan to under-65 Medicare beneficiaries.1 Medigap insurers in New Mexico are allowed to charge under-65 policyholders different premiums from their senior policyholders
Learn More
To learn more about Medicare Supplement Insurance, read through the guides below.
1 https://kaiserfamilyfoundation.files.wordpress.com/2013/04/8412-2.pdf#page=24
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