Cost of Living in New Mexico

According to 2024 data from Forbes Advisor, the annual cost of living in New Mexico is $34,501. Below are some typical costs seen for key expenditures. 

• • • Monthly Mortgage Cost: $1,750
    • Monthly Rent: $1,264
    • Other Monthly Housing Costs: $1,012
    • Annual Food Cost: $4,531
    • Annual Transportation Cost: $4,970
    • Annual Healthcare Cost: $8,505

Average Base Salaries in New Mexico

The average salary in New Mexico is $54,400. Below are average salaries for medical professionals based on data from Indeed in 2024.

• • • Physicians: $290,724
    • Anesthesiologists: $181,957
    • Surgeons: $218,164
    • Cardiologists: $224,159
    • Radiologists: $122,946
    • Psychiatrists: $293,938
    • Pediatricians: $254,527
    • Oncologists: $133,262
    • Urologists: $123,119
    • Gastroenterologists: $353,080
    • Dermatologists: $379,175
    • Dentists: $248,843
    • Veterinarians: $126,727
    • Nurses: $119,899

New Mexico Physicians Should Look for These Key Features in a Disability Insurance Policy

1. Own-Occupation Coverage: This type of policy ensures that you receive benefits if you are unable to work in your specific occupation as a medical professional, even if you can work in another capacity.

2. Residual or Partial Disability Coverage: This provides benefits if you can work but your disability limits your capacity, resulting in a reduction of income.

3. Non-Cancellable and Guaranteed Renewable: These policies guarantee that your coverage cannot be canceled, nor can the premiums be increased, as long as you pay the premiums.

4. Future Increase Option: This feature allows you to increase your coverage amount as your income grows without needing to undergo additional medical underwriting.

5. Cost of Living Adjustment (COLA): This rider ensures that your benefits keep pace with inflation, maintaining your purchasing power over time.