Posted inCOVID-19, Featured, News
COVID surprise: New Mexico health insurance rates to drop "significantly"
by Staff September 25, 2020 Updated October 20, 2020
Published September 25th, 2020 at 11:01 am , Last Updated October 20th, 2020 at 2:38 pm
Finally, we can report some good news in 2020.
Health insurance purchased through the state's health insurance exchange could save New Mexicans as much as 13.3% less in 2021, according to State Insurance Commissioner Russell Toal.
For small businesses, the news is even better. 2021 exchange rates will be, on average, 17.4 – 24% cheaper, depending on the county.
The state's health insurance exchange, BeWellNM, was established under the Affordable Care Act, otherwise known as Obamacare. The Office of the Superintendent of Insurance (OSI) reviews providers' plans ahead of annual enrollment each year. 2021 rates for individuals saw an 8.1% to 13.5% average decrease from 2020, and small business plans will average 6.7% less, according to OSI. Small businesses in the Bernalillo, Sandoval, Torrance, and Valencia County region will average 17.4% lower costs for a Bronze level plan, while Dona Ana County businesses can expect a 24% drop. Open enrollment for plans on the exchange begins November 1st and closes December 15th.
"After a rigorous review of health insurance filings, our office is pleased to report that premiums are going down in 2021," said Superintendent Toal. "Not only are rates decreasing, but New Mexico will have more health plans competing in the marketplace than ever before"
"These premium reductions will come as a relief to New Mexico's families and small businesses who are facing economic hardship during the global pandemic," said Governor Michelle Lujan- Grisham. "It is vital that every New Mexican have affordable quality health insurance during a public health crisis."
The Office of the Superintendent of Insurance attributes the decrease to increased competition in the marketplace which will feature plan options from five providers, up from four last year.
Earlier this year, New Mexico Health Connections announced that it would cease providing plans in New Mexico. The Alamosa, Colorado-based Friday Health Plan began providing care management services for NMHC customers in January.
For information about enrollment and specific plans in your area, visit New Mexico's health insurance exchange online at www.bewellnm.com
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Tagged: BeWellNM, Featured, health insurance, Michelle Lujan Grisham, obamacare, Office of Superintendent of Insurance, Russell Toal
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