Medicare Supplement Plans in Las Cruces, New Mexico

Do you currently live in Las Cruces, New Mexico, and considering a Medicare supplement plan? This article will help you decide which Medicare supplement insurance to choose. 

What is Medicare Supplement Insurance in Las Cruces, New Mexico?

Medicare supplement plans in Las Cruces, New Mexico, also known as Medigap plans, are insurance contracts that help pay or cover gaps in original Medicare. These plans are not a substitute for original Medicare. They fill the gaps in Medicare coverage. The amount of coverage depends on the Medigap plan option you choose. 

When you buy Medicare supplement insurance, you buy a plan that helps cover gaps in original Medicare coverage, such as copayments, deductibles, and maximum days of hospital stay. Most people choose between plans A, F, G, and N, depending on the insurance coverage that best suits their needs. 

Medicare Supplement Plans are standardized. It means that it makes comparing plans between private insurance providers easier. In addition, beneficiaries can receive the same benefits regardless of their carrier. Medicare supplement plans may cost more per month than a Medicare Advantage Plan. Still, they offer more flexibility with providers and do not require prior authorization. 

Medigap plans usually don’t cover prescription drugs. Therefore, you should consider enrolling in Medicare Part D, which covers prescription drugs. Let’s say you don’t enroll in Part D and don’t have credible insurance coverage. If you don’t, you could later pay a fine that will last for the rest of your life. 

Medicare approved Private insurance companies sell Medigap plans. Some companies offer additional benefits in their programs, such as gym memberships. These other benefits are generally not guaranteed.

Why do I need Medicare Supplement Insurance Plans?

Suppose you don’t have enough savings to cover all your non-Medicare covered expenses, such as deductibles and copayments. In that case, you need to consider buying a Medigap plan. 

What does Medigap insurance cover? 

If you use benefits for medically-approved services, you must pay deductibles and copayments unless you have insurance to cover them. Medicare supplement insurance covers copayments, deductibles, and Excess Doctor Fees. Medicare pays its share of your medical expenses first, and then the Medigap plan pays its share. 

There are ten standard Medicare supplements. The most popular of these Medicare supplement plans are Medigap plans F, G, and N, 

Eligibility:

First, you must enroll in Medicare Parts A and B to qualify for a Medicare supplement plan. You must also be a legal resident of the United States. You can get a Medigap plan if you are:

• 65 or older
• Or you’ve been covered by Social Security Disability Insurance (SSDI) for two years and have received disability benefits. 
• Or you have end-stage renal failure (ESRD) or Lou Gehrig’s disease. 

Medigap Open Enrollment Period (OEP):

Enrolling in a Medigap policy when you turn 65 and signing up for Part B is the best time to register. You have an open enrollment period that lasts six months, starting on the first day of the month you turn 65 or sign up for Part B. You can buy any Medicare supplement insurance without undergoing medical underwriting during your open enrollment period. Insurance companies can’t refuse coverage for health reasons or let you pay your premiums at a higher rate. We call this a Guaranteed issue or “Medigap Protections.

You can also sign up and purchase a Medigap plan outside of your open enrollment period. However, there’s no guarantee that an insurance company will sell you a Medicare supplemental policy if you don’t meet the health requirements. 

The most popular Medigap Plans

• Medigap Plan F: It is the most comprehensive Medigap plan. It covers 100% of everything approved by Medicare. You don’t have any copay or deductible for all Medicare-approved medical services. You can get a plan F if you purchase Medicare insurance (A or B) before January 1, 2020. 
• Medigap Plan G: Medigap Plan G is best for eligible new participants. It is a popular and comprehensive alternative to Plan F. It covers everything covered by Plan F, except for the Part B deductible. In 2022, the Part B deductible was $233, and in 2023 it was $226. 
• Medigap Plan N: The cost of the Medigap N plan is typically less than plans F and G. 

        *You will pay the Part B deductible (currently 233 USD in 2022 and 226 USD in 2023).

        *You will Pay a $20 copay to see a medical provider.

        *If you need emergency care and aren’t immediately hospitalized, you’ll have to pay              $50.

        *You pay any additional medical fees to doctors who don’t accept the assignment.                    These fees are called “excess doctor fees,” and the doctor can charge 15% of the                    approved rate.

Original Medicare doesn’t pay for specific expenses, such as hearing aids, routine dental, vision and hearing tests, eyeglasses, contact lenses, prescription drugs, and long-term care. If Medicare doesn’t pay for it, your Medigap plan won’t pay for it either. 

How can a Medicare agent help you find the best Medigap Plans in Las Cruces, New Mexico?

Finding out how Medicare works can be confusing. Medicare has complicated terminology and demanding deadlines, and many plans look similar. For this reason, working with a specialized insurance agent is essential. Here are several reasons why you need to work with one of our members who specialize in Medicare insurance: 

• There is no additional charge to use one of our members. Your premium is the price you would have if you had purchased the policy directly from the carrier.
• You can make sure that brokers can help with your plan renewal.
• Agents can compare different products or policies, which can save you time. 
• Our brokers can help you get another policy with another carrier in case your rates go up. 
• Our members can explain numerous plans, combinations, benefits, rules, and exceptions. They know a lot of insurance topics and understand how they can help you get the best value for Money. Medicare insurance agents must pass several courses and exams each year. 

Use the Medicare Certified Agent Directory, and one of our affiliated agents can help you find the plan that best suits your needs. 

Originally Published on https://www.certifiedmedicareagents.com/blog/

Katherine Kline Podcaster, Blogger

I host the Rock Your Retirement Show, which is about Lifestyle, not money or insurance! I started the show in 2016 before anyone knew what a podcast was, and now it's had over one million downloads. At this point, there is a lot of information in our back catalog and we try to release an episode every month.

I'm a retired Financial Advisor (after 25 years) and now I try to have fun with my husband, my dog, and my friends.

I'm also the founder of CertifiedMedicareAgents.com, a site that brings insurance agents together with people who are looking for help with Medicare.