Health Insurance in New Mexico


With the Affordable Care Act (ACA), millions of Americans are finally able to access an affordable health insurance, including New Mexico residents. Many states have expanded their qualifications for Medicaid, while subsidies help those who don't qualify cover their healthcare costs.

While searching for health insurance in New Mexico require careful consideration for what your needs are and which plans will meet them, HealthMarkets Insurance Agency can help make the search for a healthcare policy easy. Visit one of our local, licensed agents today to find the right plan for your family.

How the ACA Helped New Mexico Find Health Care

Since the healthcare laws were passed, New Mexico has experienced the many benefits of using a health insurance marketplace in NM. According to the HHS:

  1. "$123,281,600 in grants to improve healthcare in NM."
  2. "A total recovery by residents of $68,528 under the 80/20 rule restricting health insurance companies on how much of your premiums can be used toward expenses other than health care."
  3. "550,000 residents of New Mexico no longer have to worry about getting the treatment they need for chronic illness, with the ban of  “lifetime limits” on coverage."

Ways to Get Affordable NM Health Coverage

Of the many changes that came with these laws include the introduction of levels of coverage, or "metal levels," that help families pay for the coverage they receive. There are four levels to choose from the include a certain amount of coverage given by your health insurance provider based on how much are expected to pay in monthly premiums.

These four levels include:

  1. Bronze: 60% covered by your health insurance provider, 40% covered by you.
  2. Silver: 70% covered by your health insurance provider, 30% covered by you.
  3. Gold: 80% covered by your health insurance provider, 20% covered by you.
  4. Platinum: 90% covered by your health insurance provider, 10% covered by you.

The ACA also helped families looking for more coverage from their health insurance providers get help affording these costs through subsidies. These subsidies help lower the cost of care for New Mexico families making a modest income. They include:

  1. Premium Tax Credit: Families making between 100% and 400% of the Federal Poverty Line can get some or all of their monthly premium covered by either direct payments from the government to your health insurance provider, or by filing a tax return at the end of the year. 
  2. Cost-Sharing Reduction: Families making between 100% and 250% of the Federal Poverty Line can get some of all of their out-of-pocket costs (e.g. coinsurance, copayments, deductibles) covered by requiring your health insurance provider to cover a larger percentage of costs than your metal level indicates.

Find NM Health Coverage Through HealthMarkets

No matter which plan you decide to go with, HealthMarkets can help you get affordable health insurance in New Mexico. If you need help learning about your subsidy eligibility or to learn more about your options, give us a call at (800) 827-9990, or request a free quote online to get started enrolling today.

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Sources:

HHS: http://www.hhs.gov/healthcare/facts-and-features/state-by-state/how-aca-is-working-for-new-mexico/index.html
Forbes: http://www.forbes.com/sites/investopedia/2013/10/01/how-to-choose-between-bronze-silver-gold-and-platinum-health-insurance-plans/
IRS: https://www.irs.gov/Affordable-Care-Act/Individuals-and-Families/Questions-and-Answers-on-the-Premium-Tax-Credit
KFF: http://kff.org/health-costs/issue-brief/cost-sharing-subsidies-in-federal-marketplace-plans/

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