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Small Business Employee Benefits and HR Blog

2015 New Mexico Health Insurance Marketplace Update

New MexicoWith open enrollment for health insurance coverage for 2015 right around the corner, many of the Marketplaces are releasing their approved individual and small employer health plan rates for 2015. This article provides an overview of available health insurance rates for New Mexico in 2015.

New Mexico Health Insurance Marketplace- Approved Carriers for 2015

So far, there are four insurance companies offering individual health insurance plans through New Mexico's federally-run Marketplace. The carriers are:

1. Blue Cross Blue Shield of New Mexico

2. New Mexico Health Connections

3. Molina Health Care of New Mexico

4. Presbyterian Health Plan

These carriers are offering 42 different plans throughout the state. The health insurance Marketplace will be available for open enrollment for coverage in 2015 on November 15, 2014.

New Mexico Health Insurance Exchange- Individual Plan Rates

The chart below shows available monthly rates for a 30-year-old, a 50-year-old, a family of four with 30-year-old parents and two children, a single parent family of two with a 30-year-old-parent and one child, and a 30-year-old couple without children. These plans are divided into the four “metallic tiers” of coverage to compare plans by level of coverage.

This data is for individuals living in Bernalillo County, New Mexico. Premium rates will vary based on carrier, plan, age, region, family size, and tobacco use.

  Age 30 Age 50 Family
of 4
Single
Parent
Family
Couple
Platinum n/a n/a n/a n/a n/a
Gold $202 $318 $630 $315 $404
Silver $168 $264 $523 $262 $335
Bronze $137 $216 $427 $214 $274

Source: HealthCare.gov (click link for detailed rates by region and plan)

New Mexico Health Insurance Marketplace- Premium Tax Credits

The above rates reflect the premium prices before any cost-sharing or premium tax credits, which may further decrease healthcare costs for eligible consumers. The actual premium amount that New Mexico residents will be responsible for will depend on their household income.

The premium tax credits cap the cost of health insurance at two to 9.5 percent of the household income for enrollees for households with income up to 400 percent above the federal poverty line (FPL).

Additional Resources

For information on how to apply for individual health insurance on the Health Insurance Marketplace see: How to Apply for Individual Health Insurance in 2015.

More information on the federally run New Mexico Health Insurance Marketplace is available at healthcare.gov.

To see rates from last year, see New Mexico Insurance Exchange Update- Health Plan Rates

To see information on health insurance options for small businesses in New Mexico, see New Mexico Small Business Health Insurance Information

Questions about the individual and family health plan rates for the New Mexico Health Insurance Marketplace? Leave a comment below.

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