New Mexico Medicare Supplemental insurance plans fills in the coverage gap for Medicare recipients. Medicare is a great government medical insurance reserved for those who have paid into the Medicare tax system, and this insurance is reserved for those who have reached the age of 65 or older.
Although Medicare provides extensive coverage for medical procedures and services, this insurance does not cover all expenses that a senior will face concerning their healthcare.
New Mexico Medicare Supplement plans include additional medical coverage that addresses some of the holes or gaps that Medicare leaves. Some expenses that Medicare doesn’t cover include copayments for medical doctor appointments, coinsurance for hospital stays, and other deductibles for medical services.
This coverage is provided by private healthcare insurance companies, those who are permanent residents can apply. When you apply you should already be covered by Parts A and B of Medicare. These policies provide certain benefits that traditional Medicare leaves up to the insured to pay.
For example, some Medicare Supplemental plans provide medical services that may be needed when a person travels outside of the U.S. Some plans will include coverage for both Part A & B deductibles, any Part B excess charges or coinsurance for a approved skilled nursing facility.
How to Qualify
If you’re considering purchasing a policy, there are just a few requirements for eligibility.
- First, you need to have Medicare coverage, including both Part A and Part B.
- Secondly; you must be at least 65 years of age, unless you are disabled.
- Thirdly, you must be a resident of the state
Generally if you meet these requirements, you can purchase one of the NM Medicare Supplement plans.
When to Apply for NM Medicare Supplement Plans
Timing is also key when applying for a plan; you should apply during your Open Enrollment Period. OEP is defined as the time period when a senior is turning age 65 or older, and first gets on Medicare. The time window starts the first day of the month after the person turns the minimum age and their Part B is effective.
During OEP, private insurance companies are required to follow certain federal regulations. For instance, the provider cannot deny you coverage for existing medical conditions. In addition, they cannot charge you a higher premium due to medical issues as long as you enrolled during your OEP. You can still apply outside this time frame, but the carrier may require you to go through medical underwriting.
How Much are Supplement Policies
There’s not a standardized amount, the monthly payment will be determined by the coverage and carrier you choose. Your location, gender, age and other factors also come into play. The private insurance company determines the premium amount by using one of the three methods below.
- Community Rated
- Issue Age Rated
- Attained Age Rated
Policies only covers an individual, so each member in a family must have their own plan. Having a number of choices can be a great thing if you have the knowledge and understanding to decipher through the volumes of information.