Medicare Part B is medical insurance that covers a broad range of outpatient healthcare services. Unlike Part A, most enrollees pay a monthly Part B premium (for some people, Medicaid or a Medicare Savings Program pays it). Part B works the same across all 33 New Mexico counties, though your choice of providers may vary by location.
2026 Part B Costs
| Cost | 2026 Amount |
|---|---|
| Standard Monthly Premium | $202.90 |
| Annual Deductible | $283 |
| Coinsurance (after deductible) | 20% of Medicare-approved amount |
IRMAA: Income-Related Adjustments
If your modified adjusted gross income (MAGI) exceeds certain thresholds, you will pay a higher Part B premium known as the Income-Related Monthly Adjustment Amount (IRMAA). In 2026, IRMAA begins at $109,000 for individual filers and $218,000 for joint filers.
What Part B Covers
- Doctor & specialist visits
- Outpatient surgery and procedures
- Preventive services: Annual wellness visits, flu shots, screenings for cancer, diabetes, cardiovascular disease, and more
- Lab tests and diagnostic imaging
- Durable medical equipment (DME): Wheelchairs, walkers, oxygen equipment
- Mental health services: Outpatient counseling and therapy
- Ambulance services
- Home health services
Late Enrollment Penalty: If you do not sign up for Part B when first eligible and do not have qualifying employer coverage, you may face a permanent premium penalty of 10% for each 12-month period you were eligible but not enrolled.
Part B Premium in 2026: What New Mexicans Should Know
The 2026 Part B premium of $202.90/month is a $17.90 increase from 2025's $185.00. If you get Social Security benefits, the premium is usually deducted from your payment. If you have limited income, you may qualify for a Medicare Savings Program that pays part or all of your Part B premium.
The New Mexico Health Care Authority decides who qualifies for a Medicare Savings Program. A licensed insurance agent can explain the rules and help you start an application.