Hefty insurance hikes to hit in New Mexico

In New Mexico, most individuals and small businesses purchasing coverage on the Affordable Care Act exchange will see doubledigit increases.

Molina Healthcare, the largest provider of individual insurance on HealthCare. gov in New Mexico, received an average increase of 24 percent; New Mexico Health Connections is increasing rates 33 percent; Christus St. Vincent Health Plan is boosting rates 15.7 percent; Blue Cross Blue Shield New Mexico, which didn’t sell exchange products on the exchange in 2016, is returning in 2017 with rate hikes 80 percent higher than the last year it offered coverage, but which it says are in line with what other insurers are offering.

“We estimate that if they had received their requested increase last year (2016), this year would be about 30 percent over that,” according to New Mexico Insurance Superintendent John Franchini.

The amount people pay depends on factors such as age, coverage levels and income that determine whether a person qualifies for subsidies that help offset monthly premiums.

U.S. Health and Human Services Department figures show that 69 percent of New Mexicans who enrolled in a plan through the state’s insurance exchange qualified for financial assistance.

Presbyterian Health Plan dropped its individual and family policies sold on the ACA exchange, affecting 10,000 customers.

About 55,000 people bought private health insurance this year through the N.M. health exchange. Franchini said the number of 2017 enrollees could rise by 20 percent.

For more information, visit www.beWellnm.com or call 1-8555-996-6449.