New tool to assist insurance shoppers

State health exchange offers online program to compare costs

SANTA FE — New Mexico insurance regulators launched an online shopping tool this week to help residents compare 2018 health care plans, with premiums scheduled to rise substantially on the state’s health exchange amid shifting federal subsidies.

Creators of the website said it provides a quick way to compare costs and benefits among a long list of plans available through the state’s federally subsidized health exchange — and off-exchange, directly through health insurance companies.

The tool includes an automatic estimate of eligibility for income-based tax credits that protect people of limited means from rising premiums.

Heather Widler, a spokeswoman for the Office of the Superintendent of Insurance, said the service also was designed to help people who don’t qualify for those subsidies — and will absorb the brunt of premium increases next year — by showing a broad selection of health care options.

Premiums for mid-level insurance coverage on New Mexico’s federally subsidized health exchange are increasing by an average of more than 35 percent for 2018.

The increase is partly a result of President Donald Trump’s decision to pull the plug on federal payments that reimburse insurers for reduced copays and deductibles they’re required to provide to people of modest means.

About 46,000 people currently receive health insurance through the state’s health exchange portal, beWellnm. About 70 percent of those receive subsidies.