Get Quotes and Purchase Affordable Health Insurance in New Mexico

By: adminastoria
Updated: November 9, 2022
health insurance in new mexico

If you ask about affordable health insurance in  New Mexico, people would say it’s too expensive to buy health insurance in New Mexico. At least One-third of people do not believe that there is some health insurance that is very affordable in New Mexico.
On the other hand, Heart Disease, Chronic Lower Respiratory, Diabetes, Alzheimer’s, Stroke, Cancer, Accidents, and Chronic Liver Disease are prevalent problems in New Mexico.
So we are here to walk you on the right path and show you the right direction to find you low-cost health insurance in New Mexico. Let’s dive into the article.

Low Cost Health Insurance in New Mexico

Because the state guarantees that companies offer at least one plan in each Silver and Gold metal tier statewide, New Mexicans have more options for medical insurance than consumers in most of the nation. The New Mexico state exchange currently lists six health insurance providers:

  • True Health
  • Molina Healthcare
  • Presbyterian
  • Friday Health Plans
  • Ambetter
  • Blue Cross Blue Shield of New Mexico

Purchasing the Affordable Health Insurance in New Mexico

Based on your financial situation, the policies available in your county, and other criteria, you can choose the health insurance plan that best meets your needs.

The most expensive premiums are often found in higher metal tier health plans, such as Gold coverage. Healthcare costs, prescription costs, and alimony are examples of our expenses, but they are often not extremely expensive.

If you pay a lot each month for medications or think you might need medical attention, the greatest selection might be a metals tier plan. However, an inadequate metal tier coverage is perhaps a better choice for you if you are young, healthy, and do not anticipate any medical expenses – and can pay the greater cost-sharing.

  1. Gold Plan: Beneficial for high anticipated medical costs
  2. Silver plan: Suitable for those with limited resources or average medical condition
  3. Bronze plan: Ideal for young, active persons
  4. Catastrophic: lower than 30 years old
  5. Expanded Bronze

Let’s discuss this in brief –

Gold Plan

Because their limits and co-payments are lower, Gold plans often provide the lowest net costs if you use or anticipate using your insurance frequently. The monthly premium for a Gold plan will often be the highest; however, in New Mexico, the average monthly cost for a Gold plan is lower than the average monthly Medicare premium for a Silver plan.

In the end, Gold plans are the best choice if you expect high medical costs, such as those associated with chronic disorders that may need nursing treatment, or if you are concerned about having the funds to handle an unexpected disease.

The Friday Gold plan is New Mexico’s cheapest Gold option. All New Mexico tiers are shown above.

Silver Plan

Silver plans typically offer the most possibilities for consumers seeking the most excellent health coverage options that find a balance between costs and benefits. Although the US Federal Government no longer pays cost savings (CSR) subsidies, Silver plans in New Mexico still have the highest average monthly rates.

If you belong to a household with a lower income, and a Silver health plan, you can be qualified for CSR subsidies, which would further lower your expenses. Standard Silver plans only approximately 70percent of the total of your medical expenses; you are responsible for the other 30%. However, if you are eligible for CSR subsidies, you may be able to enroll in a Silver plan that pays up to 94 percent of your medical expenses.

Bronze Plan

When compared to Silver and Gold policies, Bronze and Expanded Bronze premiums are often less expensive and can save money on health insurance. Lower coverage is provided by these inexpensive policies, which leads to higher costs. As a result, before the insurance policy starts to pay for any medical care you require during the year, you’ll have to pay higher premiums. If you can’t afford the higher premiums, prescription costs, and coverage in the event of an urgent medical condition, we don’t recommend these policies.Expanded Bronze plans increase the coverage of a standard Bronze plan, which might only pay for around 60% of your medical expenses, to roughly 65%.

Catastrophic

Plans offer the lowest monthly premiums for anyone under 30. However, this plan has few benefits, deductibles, and out-of-pocket expenses. Catastrophic plans may be available to those over 30 as long as they fall under one of the above exceptions.

Expanded Bronze

Compared to a Bronze plan, the Expanded Bronze plan provides extra coverage. Compared to the Gold and Platinum levels, although this tier’s premiums are more expensive than those for the Bronze and Catastrophic plans, they are still affordable.

You might discover that you qualify for higher coverage advantages or even cheaper health plans than those mentioned in newhealthinsurance.com study, depending on your income level.

Premium tax credits are available to New Mexicans whose income ranges from 100% to 400% of the federal poverty line. The income range for these tax credits in a two-person household in New Mexico is between $17,420 and $69,680 each year. Here you may see if you qualify for tax credits.

During the open enrollment period, you are able to enroll in a brand-new family health insurance plan or update a current one. Open enrollment usually lasts from November to December; however, because of the recent COVID-19 pandemic, it has been extended.

 

affordable health insurance new mexico

 

Affordable Health Insurance in New Mexico by Metal Tier

In New Mexico, five different metal tier options are available when buying a temporary health insurance plan. Low monthly premium tiers are an option but come with greater out-of-pocket maximums as a market.
A Catastrophic, Bronze, Expanded Bronze, Silver, or Gold tier plan is available to citizens of New Mexico. Your premium will depend on your select tier, with the typical New Mexican paying.
Depending on the state, a lower-tier plan like Silver may cost more in some regions than a higher-tier plan like Gold. If you select a pricey procedure, your monthly rates will increase. However, because your out-of-pocket spending would be low, this plan will be cheaper for people with high medical costs.
To assist you with your search for low-cost health insurance plans, we analyzed health insurance plans in New Mexico according to the metal tier. The rules listed below may not be applicable in your area because plans and rates differ by county. As a general guide, use the table below. When calculating the price of each coverage tier and the benefits you could assume from a plan.

Metal tier

Affordable plan Expenses per month for a 40-year-old Deductible Highest Out-of-Pocket Limit

Gold

Friday gold $292 $2300 $8,250

Expanded Bronze

Friday Bronze Plus

$239

$8,700

$8,700

Bronze

Ind  HMO Bronze 2

$302

$8,700

$8,700

Silver Ambetter Silver Balanced Care 31 $324 $5,450

$6,450

Side-by-Side Cost of Health Insurance in New Mexico

Rating areas are considered when determining medical insurance prices in states like New Mexico. It means that your premiums may change depending on the location of the state in which you reside. New Mexico’s 33 counties are split up into five rating zones.

The table below shows the cheapest plans for your county in New Mexico in each metal tier.

These options are for a hypothetical 40-year-old male purchasing a health plan in the county of New Mexico.

 

Company Name

Plan

Cost per Month

True Health New Mexico

True Silver HMO

$355

Ambetter from Western Sky Community Care

Ambetter Balanced Care 29

$376

Molina Healthcare

Constant Care Silver 1

$343

 

True Health New Mexico

 

True Silver Premier HMO

$372

Friday Health Plans

 

Friday Silver

$360

Cheapest Health Insurance in New Mexico with High Out-of-Pocket Peaks

Young people in New Mexico, generally in good health, can select a low-cost plan with a high out-of-pocket limit. Although the out-of-pocket maximums are high, this sort of plan has affordable monthly premiums and will only be expensive if you have a lot of medical bills.

The most affordable high out-of-pocket maximum plan for a 26-year-old in New Mexico is Friday Catastrophic, offered by Friday Health Plans, which costs an average of $194 a month.

A high out-of-pocket max plan, according to NewHealthInsurance, is one in which the out-of-pocket costs are $8,250 or more.

 

The Shortest Out-of-Pocket Upper limits Health Insurance in New Mexico

The most beneficial solution for New Mexico residents with health costs is expensive packages with low out-of-pocket peaks. Since you will quickly reach your out-of-pocket limit and the company will pay your medical expenses, soft out-of-pocket peaks will balance off high monthly premiums for such plans.
The lowest-priced plan in New Mexico with low out-of-pocket maximums for a 40-year-old average is Confident Care Gold 2, which costs $354 a month. Molina Healthcare offers this Gold plan.
The out-of-pocket maximum for the Confident Care Gold 2 plan is $4,500. Although this exceeds NewHealthInsurance $4,250 standard for a low out-of-pocket maximum, this plan has the lowest premium and out-of-pocket time limits in New Mexico.

 

cheap health insurance in new mexico

 

New Mexico’s most Affordable HMO Health Insurance Plan

Your individual needs and choices will determine which medical insurance plan is best for you. The single kind of plan offered in the market in New Mexico is an HMO. HMO plans are frequently very cheap. However, since you are limited to a specific provider network with an HMO plan, you have little choice in terms of providers. If you have an HMO plan, you will require a reference to see a specialist. Check HMO reviews before applying for health insurance. 
Constant Care Silver 1, provided by Molina Healthcare, is the least expensive Silver HMO plan in New Mexico, with a monthly average cost of $343. For a 40-year-old, this rate applies. You can also consider the EPO health plan if you want a cheap health insurance plan with more benefits as well as there is another option is better for you known as PPO health insurance you can consider this one as well.

Cheapest HSA-Eligible Plan in New Mexico

A Health Savings Accounts (HSAs) plan is an option if you don’t have many medical bills. HSA plans provide affordable monthly premiums and let you fill your account with pre-tax dollars to grow your savings account. Your payments will go to savings if you do not utilize them for medical costs. The least expensive HSA-eligible plan in New Mexico is:

  • The cheapest HSA Expanded Bronze Plan costs an average of $284 per month with Friday Health Plans’ Friday Bronze HSA.
  • It’s crucial to remember that HSA plans have high deductibles, so you risk losing a sizable portion of your savings if you have expensive medical costs.

New Mexico Health Insurance Rate Changes

The typical cost of best health insurance in New Mexico is a 40-year-old, which is 16 percent higher in 2022 than in 2021. Consequently, every metal tier’s worth of health insurance went up in the previous year except for Expanded Bronze plans.
The most prominent rate rise over this time affected bronze plans, with charges rising by an average of 50% more countrywide.

What New Mexicans Should Know About Health Insurance

Rates for private health insurance plans from New Mexico marketplaces served as the basis for NewHealthInsurance’s analysis. When applying for a program, you can find even more affordable options from the state marketplace.
Medicaid and Medicare programs are less expensive than any marketplace plans, but they are only available to citizens of New Mexico who meet the minimum income or age requirements.

New Mexico Medicaid

If your income in New Mexico is less than 138 percent of the federal poverty level, you are eligible for Medicaid. People in Expanded Medicaid states like New Mexico may qualify for this free plan based only on their income. Medicaid is a free program. Medicaid is the best and cheapest plan for those who qualify, as it’s free.

New Mexico’s Medicare

Medicare is available to elder New Mexicans who are 65 years or older. Unlike the Medicaid program, which is unrestricted, this federal government program offers medical coverage but may charge certain premiums.

The three components of Medical insurance are as follows:

Part A: Medicare pays for hospital insurance, as well as certain types of home health care and medical costs associated with inpatient and outpatient care facilities, hospice care, and hospital stays. For this aspect of Medicare, there is no premium necessary.

Part B: Outpatient costs for preventive care, medical equipment, specified procedures, and medical supplies are covered by this Medicare component. You’ll pay a fixed monthly fee for this portion of Medicare, which may vary depending on your income.

Part C: Generally speaking, part D covers prescription medications and advised vaccinations.

Methodology

The most cost-effective option for you will rely on your unique demands and features; NewHealthInsurance’s study is based on estimates. No single strategy is sure to be the best. Most affordable for you in New Mexico based solely on our research.
NewHealthInsurance compiled health insurance plans and costs for all conceivable metal tiers and a variety of age groups from the Health Insurance Exchange Public Use Files (Exchange PUFs).
This column’s estimate of health insurance premium costs excludes any potential premium tax credits or cost-sharing reductions that clients might be eligible for.

Get your affordable health insurance free quotes at NewHealthInsurance.

New Mexico Health Insurance FAQs

How much does health insurance typically cost in New Mexico?

In 2022, a 40-year-average Old’s health insurance premium in New Mexico will be $394. However, the price of health insurance may differ depending on your age, location, and metal tier of coverage.

Which insurance provider in New Mexico offers the cheapest health coverage?

Friday Health Plans is the most affordable provider of silver health insurance policies in most of New Mexico. However, a wide range of businesses is available on the market, including Ambetter, Molina Healthcare, True Health, Blue Cross of New Mexico, and Presbyterian.

In New Mexico, where can I find affordable health insurance?

Comparing plans from several health insurance providers is the most straightforward approach to finding an affordable plan while looking for the cheapest health insurance in New Mexico. Comparison shopping can enable you to discover which local businesses provide the most affordable coverage. Additionally, you will be able to assess these costs in light of your healthcare requirements.

 

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