Medicare Supplement Insurance in Albuquerque, New Mexico

Are you a senior citizen in Albuquerque, New Mexico who is new to Medicare? You’re certainly not alone. Over 14% of Albuquerque residents are over the age of 65. And so many of them don’t know that they aren’t currently protected from the costly gaps in Medicare coverage. But today is the day that you get to solve that problem for yourself. This article is full of helpful information about different Medicare supplement insurance policies you can purchase for yourself that will affordably and effectively help you tackle your Medicare coverage gap problems. 

Senior Medicare in Albuquerque: Facts and Figures

  • There are 79,550 senior citizens living in Albuquerque right now
  • There are 10 hospitals in the Albuquerque area where seniors can get emergency and/or in-patient care 
  • 33% of New Mexico seniors have a Medicare Advantage plan 
  • 13% of seniors have a Medicare Supplement (Medigap) plan
  • Which leaves 54% of seniors potentially uninsured or underinsured against costly Medicare coverage gaps!

If you’re over the age of 60, then you’re probably starting to worry about chronic disease and proper healthcare management. Unfortunately, this is easier said than done – especially with certain conditions. Right now in Albuquerque it looks like arthritis and high blood pressure are nearly tied for 1st place when it comes to chronic conditions that seniors struggle with. In the beginning, getting diagnosed with these conditions and managing them properly might not seem that troubling or expensive. But as time goes on, that will likely change.

Disease Prevalence (in Albuquerque)
Arthritis 25%
High Blood Pressure 27%
Coronary Heart Disease 6%
Diabetes 9%
Kidney Disease 3%

Healthcare Costs in Albuquerque, NM

The unfortunate thing about chronic disease is that it never gets better. the best you can do is slow it down and manage the symptoms that pop up. Living in Albuquerque gives you unique opportunities for managing your chronic conditions and getting proper health care – but getting it at an affordable price is the trickier part. Just take a look at the graph below for average annual costs in Albuquerque depending on the chronic condition you are trying to treat. 

Disease Prevalence (in Albuquerque) Annual Cost of Treatment
Arthritis 23% $280
High Blood Pressure 28% $108
Coronary Heart Disease 7% $9,822
Diabetes 12% $2,189
Kidney Disease 3% $9,422

Medicare Advantage Savings in Albuquerque, NM

You know what’s even more expensive than having to pay the increasing costs of managing your chronic health problems? Paying for the out-of-pocket costs they will eventually invoke when you hit the gaps in Original Medicare coverage. But there are affordable Medicare supplement insurance plans you can purchase to protect yourself financially. The first one we’re going to talk about is Medicare Advantage in New Mexico. Also known as Medicare Part C, these are government-approved private health insurance policies which effectively replace your Original Medicare benefits. The government ends up paying a large portion of your monthly premium for you and some seniors may even get their Medicare covered for as little as $0 per month if they’re lucky. 

Medicare Advantage plans can be large and complex, but they are also highly customizable. No matter what Medicare Advantage plan you get, you start with the exact same benefits that you would normally get from Medicare Parts A and B put together. It’s illegal for an insurance company to sell you anything less. From there, you can discuss and negotiate with your insurance provider to add coverage and benefits as needed. Just remember that the more coverage you buy, the more expensive your monthly premiums will be.

Not only can you purchase extra coverage that will protect you against the gaps in traditional Medicare – you can add coverages that you normally cannot get from any other Medicare supplement plan, such as dental, vision, or prescription drug coverage. Just remember that your insurance provider will choose your medical network for you – you won’t necessarily get to choose which dentists, pharmacies, or optometrists are accessible with your benefits. But the plus side is that you will get to manage all of your medical needs, claims, and expenses under one single plan with the same company. 

Medicare Supplement (Medigap) Savings in Albuquerque, NM

Of course, Medicare Advantage isn’t your only option. you can also take a closer look at New Mexico Medicare Supplement Insurance, too. despite the fact that these two Medicare supplements have similar goals, the two insurance policies are very different from one another. Where Medicare Advantage is large, complex, and highly tailored, Medigap policies are little narrower in scope and more focused on a singular purpose. And many seniors find that they get a better value than they do with Medicare Advantage. 

Medigap plans are standardized and identical regardless of which state you live in. If you purchase Plan B in New Mexico, you can take it with you anywhere you go in any other state. And if you get a plan with a foreign travel benefit, you can take it even further than that! Plans A, D, K, and L are some of the most affordable plans because they mainly focus on the coverage gaps inherent in Medicare Part A. These expenses usually pertain to hospital costs. Plans B, C, D, F, G, M, and N are usually a little pricier, but that’s because they also take care of some or most of the coverage gaps in Medicare Part B. Medicare Part B typically helps you pay for medical care outside of the hospital – including doctor appointments, outpatient treatment, medical supplies, and the like. 

Which seniors are best suited for a Medigap plan? Typically, seniors who are happy with Traditional Medicare, in relatively good health, and who only care about the gaps in Medicare coverage do best with a Medigap plan. If you want extra coverage, Medicare Advantage might be a better buy. The more comprehensive coverage you need, the more likely you are to purchase something like a Plan F or a Plan G supplement. But if you want something highly comprehensive like Plan F, you’d better hurry. 2020 will be the last year that Plan F is available for purchase for seniors. After that, it’s gone for good.

There are no federal regulations or mandates for vision or dental coverage, so Medigap policies do not offer these benefits. And since there’s already a Medicare Part D prescription drug plan, Medigap policies don’t need to sell that additional level of coverage, either. Most seniors who enroll in Medigap and who choose to stay enrolled in Original Medicare will also enroll in Medicare Part D. They will likewise supplement their dental and/or vision coverage with private insurance from local providers. Not only do many of them offer discounts for senior citizens, but you won’t be limited to specific medical networks the way you would with Medicare Advantage.

It never ceases to amaze us how few seniors are aware of the potentially catastrophic gaps in Medicare Parts A and B. Ignoring them and leaving your healthcare to chance could end up costing you a small fortune, or even wiping out your life savings. Luckily, getting them covered for an affordable rate is easy. Just contact one of our agents right now for help choosing between Medicare Advantage, Medigap, or any other available Medicare supplement insurance policy in your area. 

Medigap Plan Minimum Monthly Premium Maximum Monthly Premium Average Estimated Monthly Premium (Part B Premium Included)
Plan A $64 $200 $268
Plan B $86 $227 $292
Plan C $98 $258 $314
Plan D $91 $192 $277
Plan F $102 $215 $294
Plan F (high deductible) $26 $64 $181
Plan G $91 $171 $267
Plan K $40 $85 $198
Plan L $68 $105 $222
Plan M $88 $122 $241
Plan N $70 $148 $245

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