New Mexico insurance exchange adds new health plan issuer

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There are now five companies that have been approved to sell their policies on the state marketplace.

New Mexico insurance state flagAccording to an announcement that has been made about the New Mexico insurance exchange, during a meeting of the NMHIX board in Santa Fe, there are now five companies that have received approval to sell their health policies on the state’s marketplace.

This was announced by the John Franchini, the Superintendent of Insurance for the state.

The latest addition to the exchange for New Mexico insurance is the CHRISTUS Health Plan of Texas. Franchini explained that the nonprofit insurer would soon be adding its name to the exchange in NM, becoming the fifth carrier that has received approval to be able to sell its health plans there.

This will be another step toward boosting competition and options on the New Mexico insurance marketplace.

CHRISTUS is comparatively new as a health plan, and it is already participating in the Medicaid program in Texas. It will be joining Presbyterian Health Plan, the New Mexico Health Connections, Blue Cross and Blue Shield of New Mexico, and Molina Healthcare of New Mexico in becoming the companies that will be selling on the state’s individual marketplace.

Franchini also explained that his office is continuing to review the submissions that have been made by insurance companies for the rates that they intend to charge in 2015. He added that it won’t be very long before the individual plan rates will become public. The group rates will also become available in August, closer to the end of the month.

The NMHIX also made the decision regarding whether or not it would be remaining on the federal individual exchange – HealthCare.gov – for another year, or if it intended to break away and become state-based, instead. When all was said and done, its choice was to remain with the federal program for another year.

As of the latest statistics from the U.S. Department of Health and Human Services regarding the use of the New Mexico insurance exchange, there have already been 34,000 people in the state who have purchased their health plans through the use of the federal site. Among them, 78 percent had eligibility for subsidies on their premiums.

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