Santa Fe, NM –New Mexico Superintendent of Insurance Russell Toal announced today that health insurance premiums will decrease significantly for individuals and families purchasing their own coverage through beWellnm (New Mexico’s Health Insurance Exchange). Average plan prices dropped in the Bronze, Silver, and Gold plan categories across the state. Silver plans, the most common plan purchased on the individual Exchange, will decrease between 8.1 and 13.5 percent on average. Small businesses will experience a 6.7 percent average premium decrease on beWellnm.
The Office of Superintendent of Insurance (OSI) reviews health insurance filings annually to determine whether rates are reasonable and fair.
“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.”
“BeWellnm is proud to work with the Superintendent’s office to make sure every New Mexican can find and enroll in health insurance,” said Jeffery Bustamante, CEO of beWellnm. “As we approach November 1, which marks the beginning of open enrollment, I encourage anyone who needs insurance to start looking at what option is best for their budget and lifestyle. Especially right now, health insurance is more important than ever. You can reach beWellnm at 1-833-862-3935 for over-the-phone help or visit www.bewellnm.com for more information.”
Despite the departure of New Mexico Health Connections, the number of insurers competing in New Mexico’s individual marketplace increased from four to five, as new insurers entered the market. OSI released a Frequently Asked Questions resource for Health Connections customers in August and urged all enrollees to actively shop around this year to make sure they find a plan that meets their health and budget needs. Health Connections customers who do not sign up for a plan will be assigned to a comparable plan on the marketplace so that they do not become uninsured.
New Mexico’s 45-day Open Enrollment Period for coverage that starts on January 1, 2021, begins November 1 and ends on December 15. Most people who purchase coverage onbeWellnm.com qualify for financial help to reduce their premiums. Lower income individuals can reduce their out of pocket costs by selecting Silver plans that qualify for Cost Sharing Reductions.