Plenty of good info specific to NM so far, here's some generic info from an older post that gives you an idea of the worst-case costs involved if they don't qualify for any state benefits:
Elderly immigrants can buy into Medicare after being legally present in the US for 5 years, at that point they become eligible to sign up for Medicare for the full premium. This is currently $506/month/person for Medicare Part A and $165/month/person for Part B. They would both need to sign up as soon as they become eligible, or there would be additional monthly penalties if they ever want to sign up later.
In most states they will not be eligible for Medicaid until being present for 5 years either, and even then they may not be eligible depending on your income assuming they're part of your household.
In summary, after 5 years you'll have to pay at least $1,500/month for basic Medicare for the two of them, and that's before any copays and deductibles. During the first 5 years you would have to buy private insurance that can get very expensive for elderly people. A quick glance at the NM marketplace shows the cheapest plan being around $1,500 / month for an elderly couple born 1940 and 1950 and that's also the cost before deductibles and copays. So lacking any state benefits, assume a minimum of $18,000 / year if they are healthy.