Lujan Grisham: Premiums in NM Health Insurance Exchange Among Lowest in Nation

Statement

U.S. Rep. Michelle Lujan Grisham (NM-01) today announced that a new report released by the U.S. Department of Health and Human Services (HHS) finds that in New Mexico, consumers will see increased competition in the NM Health Insurance Exchange (NMHIX), leading to new and affordable choices for consumers. According to the report, New Mexico consumers will be able to choose from an average of 52 health plans in NMHIX.

"Today's report is further proof that the Affordable Care Act is working for New Mexicans," Rep. Lujan Grisham said. "Not only will the New Mexico Health Insurance Exchange provide affordable, quality health coverage options to the nearly 20 percent of New Mexicans who are uninsured, but our state's premiums are among the lowest in the nation. With enrollment beginning October 1, now more than ever is the time to put partisan politics aside and New Mexicans first. That means working together to ensure the effective implementation of the Affordable Care Act."

In less than a week, the New Mexico Health Insurance Exchange will be open for business where New Mexicans will be able to shop for and purchase health insurance coverage in one place. Consumers will be able to find out whether they qualify for premium assistance and compare plans side-by-side based on pricing, benefits and provider network. No one can be denied coverage because of a preexisting condition. October 1 marks the beginning of a six-month long open enrollment period that runs through March 2014. Coverage begins as early as January 1.

Today's report finds that individuals in New Mexico will have an average of 52 qualified health plan choices. Plans in NMHIX will be categorized as either "platinum," "gold," "silver" or "bronze." Young adults will also have the option of purchasing a "catastrophic" plan, increasing their number of choices.

Premiums on the New Mexico Health Insurance Exchange are among the lowest in the nation. The average premium for the lowest-cost silver plan will be $275, and for the lowest-cost bronze plan it will be $217. The average premium nationally for the lowest-cost silver plan will be $310, and for the lowest-cost bronze plan it will be $249.

The report shows that a 27-year old living in New Mexico who makes $25,000 per year will pay $102 per month for the lowest-cost bronze plan and $145 per month for the second lowest-cost silver plan, taking into account tax credits. For a family of four in New Mexico with an income of $50,000 per year, the lowest-cost bronze plan would cost only $128 per month after tax credits.

New Mexicans can get help finding coverage through a number of different resources. They can visit the NMHIX website at BeWellNM.com for more information or, beginning October 1, to sign up for affordable, quality coverage. Starting October 1, there will also be trained customer service representatives available to assist New Mexicans and answer questions. Consumers can call 1-855-99-NMHIX to reach the NMHIX call center.

In July, Rep. Lujan Grisham announced that three community health centers in Albuquerque had been awarded over $650,000 in grants to help enroll uninsured New Mexicans in new health coverage options made available by the Affordable Care Act.

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