Original Medicare’s Original Medicare is a fee-for-service health insurance program available to Americans aged 65 and older and some individuals with disabilities. Original Medicare is provided by the federal government and is made up of two parts: Part A (hospital insurance) and Part B (medical insurance). Parts A and B cover hospital and medical services. Medicare Advantage Medicare Advantage (Medicare Part C) is health insurance for Americans aged 65 and older that blends Medicare benefits with private health insurance. This typically includes a bundle of Original Medicare (Parts A and B) and Medicare Prescription Drug Plan (Part D). in New Mexico is an alternative that often bundles Part D Medicare Part D is prescription drug coverage for people enrolled in Medicare. Part D is optional and is offered by private insurance companies. and other services.
The pricing for Medicare plans in New Mexico is based on standard costs and personal details like your work history and income.
Red or green chile — it’s the fundamental question New Mexicans may answer several times a day. And let’s face it, it doesn’t matter what you decide, as long as it’s not “Christmas-style” or “mild.”
But there’s another critical decision to make if you’re close to 65 or older: how to receive your Medicare in New Mexico. Ask yourself some important questions: What are the different kinds of Medicare? How much does Medicare cost? Does Medicare Advantage in New Mexico make sense for me?
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There are several ways you can enroll in Medicare in New Mexico, including:
If you’re already receiving Social Security or Railroad Retirement Board (RRB) benefits, you may be automatically enrolled when you turn 65. If not, you’ll probably need to enroll yourself. Your first chance to sign yourself up is known as your Initial Enrollment Period (IEP). This is a seven-month window that includes your birth month, plus the three months before and after.
With Medicare, timing can be everything, so you’ll want to know more about your IEP and Medicare’s other enrollment periods.
It’s important to know that Medicaid is not the same as Medicare in New Mexico. Medicaid is a state and federal program designed to help low-income adults, children and seniors. In New Mexico, this also applies to Native Americans living in tribal and non-tribal areas. There are several programs, and eligibility depends on your income and household size.
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The answer to this question is completely based on you and your needs. Choosing between Medicare plans in New Mexico should start with understanding your options.
There are two main ways to receive Medicare in New Mexico: Original Medicare (Parts A and B) and Medicare Advantage (Part C). Here’s how they work:
Original Medicare is made up of Parts A and B. They work separately and provide a base level of care.
Medicare Advantage (Part C) substitutes for Original Medicare (Part A & B) and offers the same benefits. Part C plans usually bundle additional services like dental, hearing, vision, and prescription drug coverage.
New Mexicans on Original Medicare may also choose to enroll in a Medicare Prescription Drug Plan (Part D) and Medicare Supplement Insurance (Medigap).
Part D provides prescription drug coverage as a standalone plan purchased separately from Original Medicare. Medicare Advantage plans typically include Part D coverage.
Medigap policies are sold separately by private insurance plans and help cover “gaps” in Original Medicare. These gaps refer to the range of high out-of-pocket costs that can come with Parts A and B, such as deductibles, coinsurance and copays. Like Part D, Original Medicare enrollees pay their Medigap premiums separately from Original Medicare.
What Medicare coverage is right for my specific situation?
The answer really depends on what you need out of your plan. It doesn’t matter whether you have Medicare Advantage or Original Medicare in New Mexico; what may be an advantage for someone in Las Cruces could be a downside for folks in Farmington. To help, here are some resources to figure out how the Medicare plans in New Mexico stack up for you:
There are several Medicare Advantage options to choose from in New Mexico. They may include the following plan types:
Finding the right Medicare for you comes down to your needs and which plans are available in your area. If you need help exploring Medicare plans in New Mexico and how they’ll work for you, give GoHealth a call. Our licensed insurance agents will talk through your needs and options to find a plan that works for you.
Find the Medicare Plan that works for you.
Thousands of older adults enroll in Medicare every day across the United States. The latest CMS data shows that 404,382 people are enrolled in Medicare Part A and B in New Mexico. The total number of beneficiaries enrolled in Medicare Advantage Increased from 162,355 to 179,136 year over year. Medicare Advantage participation in New Mexico went from 41.33% to 44.30% year over year. If you’d like to dive deeper into how Medicare in New Mexico breaks down across the state, we provide a glance at who is using Medicare and how.