After a key market stabilization payments came in lower than expected, non-profit health insurance co-ops around the nation began to close shop. Fortunately for New Mexico, our co-op, New Mexico Health Connections (NMHC), remains financially solvent and is considered to be one of the strongest health insurance co-ops in the nation. In fact, its financial solvency is four times higher than is required by the state’s insurance department.
NMHC’s role is especially important this year, as Blue Cross Blue Shield exits the market. The co-op is building its network of providers rapidly to ensure that consumers can retain their doctors during this transition. Nearly 7,750 providers now accept the carrier’s insurance and the number is growing every day. According to the co-op, providers are coming to them and asking to be contracted so they can continue to see their patients. This is a positive development for the state and will hopefully lead to savings for consumers.
Due to a filing error, NMHC’s plans will not be featured on beWellnm until November 15th. The plans can be viewed here in the meantime. Because of this error, many news outlets incorrectly reported that premiums rose by 26% in New Mexico. The Office of the Superintendent of Insurance has corrected this error and noted that plans have only risen by 7.5%.
Note: Health Action NM does not endorse any insurance carrier or their products. This should not be interpreted as an endorsement of NMHC and is only intended to inform consumers about the state's co-op in light of recent national trends.Health Action