How To Find the Best Health Insurance in New Mexico
 Written by Preston Micalizio Preston MicalizioPreston Micalizio writes insurance content for SmartFinancial. He brings three years of professional experience writing ... Read more |  Edited by Dan MarticioDan MarticioDan Marticio is the content manager at SmartFinancial and has written 150+ articles across multiple insurance verticals.... Read more |
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You can find the best New Mexico health insurance plan that suits your needs and budget by comparing plans offered by various carriers. Because health insurance in "The Land of Enchantment" can be more expensive than the national average, it is essential to compare prices to help you get the most affordable coverage possible.
Keep reading to learn more about health insurance in New Mexico, including the most affordable plans, how much they cost in some of the state's largest cities and the different kinds of health care available.
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Key Takeaways
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On This Page
Is Health Insurance Required in New Mexico?
New Mexico Health Insurance Rankings
How Much Does Health Insurance Cost in New Mexico?
What Is the Average Cost of Health Insurance in New Mexico by City?
Which Health Insurance Companies Are the Most Affordable in New Mexico?
When Is Open Enrollment for Health Insurance in New Mexico?
What Types of Health Insurance Are Available in New Mexico?
How To Get Health Insurance in New Mexico
FAQs
Is Health Insurance Required in New Mexico?
As of the 2018 tax year, New Mexico residents will not be penalized if they do not have health insurance. Previously, American taxpayers who didn't sign up for a health insurance plan that covered minimum essential health benefits were hit with a federal tax penalty under the Affordable Care Act (ACA), but this penalty has since been reduced to $0.[1][2]
New Mexico Health Insurance Rankings
The Commonwealth Fund ranked New Mexico somewhat worse than average, placing 32nd out of 51 in a state-by-state analysis that took a holistic look at the health care systems in each U.S. state and Washington, D.C. The state ranked last in reproductive and women’s health but fifth, the state’s highest score, in income disparity. When considering all metrics, the state ranked second among four Southwestern states, which include Arizona, Oklahoma and Texas.[3]
Below is an overview of New Mexico’s national rank in each of the dimensions analyzed by the Commonwealth Fund:[3]
|
Dimension |
National Rank |
|---|---|
|
Reproductive & Women’s Health |
51 |
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Access & Affordability |
42 |
|
Prevention & Treatment |
37 |
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Avoidable Hospital Use & Cost |
10 |
|
Healthy Lives |
47 |
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Income Disparity |
5 |
|
Racial & Ethnic Health Equity |
12 |
How Much Does Health Insurance Cost in New Mexico?
Marketplace benchmark plans in New Mexico cost $515 per month on average, more expensive than the nationwide average of $497 per month. On average, New Mexico residents pay a monthly premium of $454 for the lowest-cost bronze plan available in the state, $500 for the lowest-cost silver plan and $407 for the lowest-cost gold plan.[4]
Cheapest Health Insurance Options in New Mexico
Unlike most states where silver or bronze tier plans offer the best rates, the most affordable monthly health insurance rates can be found with gold-tier plans from New Mexico’s state-based Marketplace. That said, gold plans typically have higher premiums in exchange for lower deductibles, copays and coinsurance, which make them an excellent choice for those looking for options with the lowest rates in the state or those who anticipate utilizing their health insurance frequently throughout the year.[5]
Selecting a health maintenance organization (HMO) plan could result in further savings, as these plans typically have lower monthly payments than preferred provider organization (PPO) plans. HMOs may not be able to meet everyone's needs, though, and typically offer fewer benefits than other PPOs. For example, non-emergency out-of-network care is frequently not covered by HMOs, and a primary care physician's referral is usually necessary in order to see a specialist.
What Is the Average Cost of Health Insurance in New Mexico by City?
Below, we’ll review the median monthly rates across all metal tiers for health care coverage plans for 30-year-olds making $40,000 per year in five major cities in New Mexico before considering premium tax credits.[6]
|
City, Zip Code |
Quote |
|---|---|
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Albuquerque, 87121 |
$388.70 |
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Las Cruces, 88001 |
$472.10 |
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Rio Rancho, 87124 |
$388.70 |
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Santa Fe, 87507 |
$451.36 |
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Roswell, 88203 |
$535.81 |
Which Health Insurance Companies Are the Most Affordable in New Mexico?
Blue Cross Blue Shield (BCBS) offers New Mexico's most affordable health insurance plans in the gold tiers. Other insurance companies may offer better rates, depending on your income level, where you live and other factors. Below is an overview of New Mexico health insurers with gold plan ranges that cost below $500 before premium tax credits for 40-year-old individuals.[7]
|
Health Insurance Company |
Average Premium |
|---|---|
|
$451 |
|
|
$457 |
|
|
$468 |
|
|
$473 |
When Is Open Enrollment for Health Insurance in New Mexico?
New Mexico residents can enroll in a health insurance plan through their state-based Marketplace plan, BeWell, during the open enrollment period (November 1 to January 15). To guarantee your coverage starts on January 1st, choose your health insurance plan by December 15th — otherwise, coverage won't start until February 1st.[8][9]
If you miss your opportunity to select a plan during open enrollment, you may be able to enroll outside of the regular enrollment window if certain qualifying life events trigger a special enrollment period. Special enrollment periods typically last 60 days before or following events like moving, getting married, starting a family or losing employer-sponsored major medical coverage.[10]
What Types of Health Insurance Are Available in New Mexico?
Some of the major types of medical insurance you can purchase in New Mexico include the following:
- State-based Marketplace health plans
- Short-term health plans
- Private health insurance coverage directly from health care providers
- Employer-sponsored group health insurance
- Consolidated Omnibus Budget Reconciliation Act (COBRA) continuation coverage
- Medicare
- Medicaid services
- Children’s Health Insurance Program (CHIP)
- Department of Veterans Affairs (VA) health benefits
- Student health plans
How To Get Health Insurance in New Mexico
Comparing health insurance quotes from three to five providers can help you weigh your options and land a plan with ideal rates for your needs. However, searching for insurance providers one by one can be time-consuming and tedious.
Using an insurance marketplace like SmartFinancial can accelerate the process. After you complete a quick questionnaire, we can match you with a certified insurance agent who can help you find affordable health plans that fit your needs. Click here to receive a free quote for a New Mexico health insurance plan!
- Insurance quotes /
- Health /
- New-mexico
Preston Micalizio writes insurance content for SmartFinancial. He brings three years of professional experience writing in various industries, from higher education to e-commerce. He strives to engage with the audience, provide accurate reporting and make complex subjects easily digestible.
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