Santa Fe, NM - Superintendent of Insurance Russell Toal commended all of the insurers offering plans on New Mexico’s Health Insurance Marketplace for agreeing to let their members switch to a higher value plan without having to restart their deductible and out-of-pocket maximum.

“This is a big win for New Mexicans” said Superintendent Toal. “The American Rescue Plan gives people who qualify for coverage on beWellnm.com and Healthcare.gov extra financial help to lower their monthly payments. Thanks to the cooperation from all of New Mexico’s participating insurers, New Mexicans can choose to switch to a higher value plan that will provide better protection for their family’s health and budget.”

Typically, when someone switches to a new plan, the out-of-pocket costs that they paid towards their deductible and out-of-pocket maximums are reset. Because of the unprecedented opportunity to lower costs under the American Rescue Plan, the change agreed to by health plans will allow people to select any other plan offered by their insurer without having to reset their out-of-pocket contributions.

Under the American Rescue Plan, a family of four making up to $39,300 can get a plan with low out-of-pocket costs for free if they select a Silver plan. Financial assistance is improved for anyone who previously qualified and expanded to those who may have earned too much to qualify in the past. Four-in-five shoppers can find a plan for less than $10 a month, according to the U.S. Department of Health and Human Services.

To claim the new benefits, New Mexicans who are currently insured through Healthcare.gov or beWellnm.com must update their application on Healthcare.gov. Those who are uninsured or don’t have a plan through Healthcare.gov must create a profile on the website or over the phone. Free local help is available by calling 1-833-862-3935 or visiting beWellnm.com.

Five insurance companies offer coverage on the Marketplace:

• Blue Cross Blue Shield of New Mexico
• Friday Health Plan
• Molina
• True Health New Mexico
• Western Sky