Securing health insurance
The coronavirus pandemic adds urgency to this year’s open enrollment period for beWellnm, which runs Nov. 1 through Dec. 15. During this time, individuals and families in New Mexico can compare and purchase insurance in the state’s health care marketplace.
“Now it’s more important to realize the value of the insurance, the importance of having coverage,” said Maureen Manring, director of communication and outreach for New Mexico Health Insurance Exchange.
It’s also important to realize that health insurance is more obtainable than before, she said.
“We are gonna have more plans than we had last year, and they’re going to be offered at lower cost,” said New Mexico Superintendent of Insurance Russell Toal.
Established under the Affordable Care Act, beWellnm is the place where people can find resources to help them compare health care options. The plans are available to all New Mexicans who don’t get insurance through an employer, Medicare or Medicaid. Approximately 45,000 people were enrolled through beWellnm at the end of last year’s open enrollment period.
Getting started, getting financial assistance
Open enrollment is the time when individuals and families select the health insurance that best fits their needs. Visiting beWellnm.com is a good way to begin.
But do it soon. Whether re-enrolling or completing an application for the first time, the window to secure coverage lasts only 45 days. Those that miss the open enrollment period will have to wait until next fall to get insurance unless they qualify for the special enrollment period, Manring said.
Now is also a good time to learn if you’re eligible for financial assistance. According to the website, most people shopping for health care insurance with beWellnm can get a break on costs. Income and household size are used to determine who qualifies for premium tax credits and cost-sharing reductions, which are two ways to make coverage more affordable.
“Because you have insurance, you can get this tax credit, and it pays for your premiums in advance,” Manring said of advanced premium tax credits, also known as premium subsidies. “Then you are just responsible for a smaller portion of premi
um to be paid every month.”
Some people also qualify for additional support in the form of cost-sharing reductions, which lowers out-of-pocket expenses when seeing a doctor or filling a prescription by lowering deductibles, copays and coinsurance.
LOWER COSTS, MORE CHOICES
For folks purchasing their coverage through beWellnm, the cost will go down significantly in 2021, according to the Office of the Superintendent of Insurance. Average plan prices dropped in the Bronze, Silver and Gold plan categories with Silver plans decreasing between 8.1% and 13.5% on average.
Although several factors contributed to the decrease in premiums, competition among beWellnm’s insurance providers was a notable one. New Mexico Health Connections is leaving at the end of the year, and the other carriers are vying for their clients, Toal said.
“We have a new carrier in the market, Friday Health from Colorado, that’s posted some very aggressive pricing and the carriers responded to that,” Toal said.
In addition to Friday Health Plans, Ambetter from Western Sky Community Care is a new arrival. They join Blue Cross Blue Shield of New Mexico, Molina Healthcare and True Health New Mexico as the insurance providers that will serve beWellnm in 2021.
The superintendent of insurance requires carriers to provide coverage in all 33 counties of the state. Not all states mandate that, Manring said.
“The consumer has the choice of five different carriers no matter where they reside in New Mexico,” Manring said.
SELECTING YOUR COVERAGE
The plan comparison tool located on beWellnm’s website allows individuals and families to enter some basic personal information to get an idea of what assistance they qualify for, Manring said. Shoppers can also call beWellnm, chat online with a bilingual enrollment counselor or attend a virtual event to learn more.
This year, in-person seminars have been replaced with virtual enrollment events. New Mexicans can talk for free with local brokers over the phone or via a Zoom video conference to get help with selecting a plan and enrolling.
“We’re definitely missing those public events,” Manring said, but “our ultimate objective is to just make sure we’re connecting people this year in a safe environment.”
BeWellnm has set up 19 enrollment events, from Farmington to Carlsbad, for the month of November and more are planned for December. People can see the schedule, make an appointment and get in touch with local resources at beWellnm.com/events.
Manring urged enrollees to speak with someone who’s certified and understands what beWellnm has to offer.
“Take that 15 minutes and make a call,” she said. “Reach out and secure your coverage for next year. It’s really important.”