Health Insurance Rate-Hike Review in New Mexico
Quick Facts about Health Insurance in New Mexico
- New Mexico has high levels of public funding for health insurance, which means health insurance quotes can be kept relatively low.
- Health insurance challenges include low rate of insured residents.
- New Mexico health insurance rates average $130/person per month, ranking 5th in the US.
Santa Fe, New Mexico – New Mexico will receive $3 million to begin more thorough reviews of health insurance rate hikes, Sen. Cisco McSorley, D-Albuquerque told the Santa Fe New Mexican (http://www.santafenewmexican.com/Local%20News/State-to-boost-insurance-rate-reviews–consumer-protections). The end result will be lower health insurance quotes from health insurance companies and fewer rate increases.
“This is good news,” said Sen. McSorley.
The money will come in $1 annual increments in addition to the $1 million federal grant the New Mexico Insurance Division (http://www.nmprc.state.nm.us/insurance/index.html ) won in 2010. It will inspect health insurance companies such as Medicare and Medicaid (http://en.wikipedia.org/wiki/Medicare_(United_States)), Blue Cross Blue Shield of New Mexico (http://www.bcbsnm.com/), New Mexico Health Insurance, Linton & Associates, Reynolds Insurance, and Franklin Insurance Agency, among many other health insurance companies in New Mexico.
This money comes in light of New Mexico health insurance companies receiving scrutiny last year by the National Association of Insurance Commissioners (http://www.naic.org/members_bios/new_mexico.htm) after a series of abnormal rate hikes. For example, Blue Cross Blue Shield of New Mexico increased their premiums by $27,000, and led state lawmakers to begin inquiries into their health insurance rates.
NAIC auditors found that many health insurance workers in New Mexico were inexperienced, marginally trained, and incapable of performing in-depth analyses of claims. The $3 million will pay for an actuarial company to assess the current claims and help to create better health insurance policies.
New Mexico health insurance companies will be able to provide low rates for health insurance, and help protect their consumers better.
Health Insurance FAQs
What is Health Insurance?
Health insurance is a financial coverage for an individual and provides payment assistance for medical services.
Who Can Get Health Insurance in New Mexico?
Everyone is entitled to health insurance, in accordance with the Patient Protection and Affordable Care Act (http://en.wikipedia.org/wiki/Patient_Protection_and_Affordable_Care_Act).
What is a Health Insurance Risk Pool? How does it work in New Mexico?
A health insurance risk pool is when the federal government and New Mexico provide health insurance coverage to residents who have been unable to get health insurance in the past due to a pre-existing condition or other factors.
In New Mexico, risk-pool health insurance quotes look like this (www.healthcare.gov):
| Premium: | $112 to $596 per month |
| Deductible: |
Plan 1: $500 Plan 2: $1,000 Plan 3: $2,000 |
| Out of Pocket Limit: |
Plan 1: $2,500 for medical, $2,950 for pharmacy Plan 2: $3,500 for medical, $2,450 for pharmacy Plan 3: $3,500 for medical, $2,450 for pharmacy |
The pre-existing condition health insurance plan will cover many aspects of health benefits including specialty and hospital care, and prescription drugs. All health insurance benefits are available to residents, provided they have a pre-existing condition or have been refused health insurance in the past.
Where to Find Health Insurance in New Mexico?
Shopping around online is the best way for residents to get cheap health insurance in New Mexico. Getting quotes online allows you to compare health insurance companies and find the one best suited for you. Health insurance quotes online are easy to understand and just requires answering a few questions. From there, you can find health insurance companies who will match cheap quotes or offer to provide something in return.
