May 1st 2024
By Ari Parker
Learn how to find the best Medicare Advantage plan in New Mexico, from top plans to coverage for your needs.
By Ari Parker
Finding the best New Mexico Medicare Advantage plan looks different for everyone. Every Medicare Advantage plan has varying cost structures and benefits, and your best plan will be different from your friend or neighbors. On top of that, plan availability is different from one county to another.
In this guide, we’ll share information about the top-rated Medicare Advantage plans in New Mexico. That said, it’s best to compare Medicare options with a licensed Advisor who will consider your specific needs.
The best Medicare Advantage plan for you will cover your specific healthcare needs, including your prescriptions and preferred doctors.
Humana has highly-rated plans in New Mexico, but these plans may not necessarily cover your needs. Get in touch with a Medicare Advisor for free, personalized advice.
52% of Medicare beneficiaries have a Medicare Advantage plan in New Mexico.
There are 49 Medicare Advantage plans available in New Mexico, but your plan availability depends on the county you live in.
Depending on what county you live in, average premiums could be between $19-$25.
Bernalillo County, New Mexico has the highest number of Medicare Advantage plans available (37) and Hidalgo County and Union County have the fewest (5).
Humana has some highly-rated plans in New Mexico.
It’s important to understand how Medicare Advantage plans work and their general pros and cons. Having this clear understanding will help you in your search to find the best New Mexico Medicare Advantage plan for your needs.
Medicare Advantage plans are a bundled, private alternative to Original Medicare. Because private insurance companies manage Medicare Advantage plans, the plan pricing and benefits vary. In comparison, Original Medicare is the same for everyone.
Compared to Original Medicare, Medicare Advantage plans have a few downsides:
Operate under provider networks
Have different out-of-pocket cost structures
Can require additional premiums on top of your Part B premium
That said, Medicare Advantage plans must provide the same coverage as Original Medicare and have some upsides. To start, most of them include additional benefits including:
Transportation services
Routine vision, dental, and hearing services
Option to include prescription drug plan
Worldwide emergency medical insurance
Fitness and wellness memberships
Medicare Advantage plans also limit out-of-pocket costs with an out-of-pocket maximum. Finally, while they can have an additional premium to pay, that premium is often low or $0, making monthly coverage affordable.
When choosing the best Medicare Advantage plan in New Mexico for you, you should take note of your healthcare needs (like preferred doctors and regular prescriptions) to ensure you get those covered. After all, if the plan’s network includes your doctors, that limitation becomes irrelevant.
To start your research around the best Medicare Advantage plan in New Mexico, you can browse highly-rated policies in your area. Every year, the Medicare rates Medicare Advantage plans from 1-5 stars. A 5-star rating is the highest score and a 1-star rating is the lowest. Exploring plans with 4 to 5 star ratings is a good way to narrow your search.
There are no 5-star Medicare Advantage plans in New Mexico currently, but Humana carries plans with 4.5 ratings. See which highly-rated plans are available in your area with Medicare’s plan finder tool.
Our first piece of advice around finding the best Medicare Advantage plan in New Mexico is to focus on your healthcare needs first. Above all else, a Medicare plan should reduce your costs for the health services you need.
Think about the following questions to help guide you:
What medications do you take? Most Medicare Advantage plans include Medicare Part D (prescription drug) coverage. List out all your prescriptions so you find a plan that covers them.
What healthcare providers and facilities do you prefer? Check that your preferred providers are in your plan’s network so you can see them without paying extra.
What does your budget look like? Make sure you know plan premiums, deductibles, and out-of-pocket costs so your plan works for your budget.
How much do you spend on healthcare? If you receive regular or expensive treatment or often meet the maximum out-of-pocket costs, then you should try to find a plan with a lower maximum out-of-pocket spend amount.
What other benefits do you care about? Note other lifestyle considerations like how frequently you travel or whether or not you would benefit from a gym membership.
Not everyone’s healthcare needs are the same, so taking note of your answers to these questions can help you search for a plan that suits you. Finding the right Medicare coverage can be challenging, but you aren’t alone! Our Medicare Advisors are eager to help you find the best New Mexico Medicare Advantage plan for you. Call us at 855-900-2427 or book a time to talk to get Medicare out of your way today.
