Jessica Fox Last Updated On: August 14, 2023

Finding Affordable Health Insurance

Not everyone realizes it, but one of the main reasons for having health insurance is for financial stability. It protects you from having to pay large medical bills all on your own and helps you get the care you need, when you need it, without worrying about the cost. 

Since the point of health insurance is to protect your wallet (and your health!), you don’t want to overpay for it. And we don’t want you to either. 

Saving on insurance starts with an informed consumer. That’s why we’ve compiled all the essential information that will help you find affordable health insurance in New Mexico. Keep reading, and happy saving!

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Table of Contents

Health Insurance Plans in New Mexico

There are a number of ways that you can find a health insurance plan in The Land of Enchantment. It all depends on what your needs and qualifications are. 

Your New Mexico health insurance policy might be:

  • An employer-sponsored plan
  • New Mexico health insurance marketplace plans
  • Purchased directly from an insurance provider 
  • Through a low-income or disability-based government program

Next, we’ll explore these options in more detail so you can better decide which is the right fit for you. 

Medicare and Medicaid

Medicare and Medicaid are two government-sponsored health insurance programs for individuals in need. Here’s how they work:
  • Medicare: This is for individuals 65 years of age and older, or those with specific disabilities such as End Stage Renal Disease or Lou Gehrig’s Disease. Original Medicare covers inpatient and outpatient care at a low cost, and additional coverages can be added with Medicare Advantage or Medicare Part D (prescription drug coverage). 
  • Medicaid: This is for individuals who make less than the federal poverty level. In New Mexico, a qualifying single person making less than $2,523 per month is eligible to receive Medicaid. 
If you are not able to receive Medicare or Medicaid, then you will have to purchase an insurance policy elsewhere. One of the most common routes is choosing a plan from the marketplace. We’ll explore that next. 

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Metal Tier Health Insurance Policies

If you’re shopping for individual health insurance in New Mexico, you will need to understand the basic types of health insurance available.  Like other states, New Mexico offers health insurance plans on a metal tier system. Each type of metal on the tier corresponds to the pricing and coverages of the plan. No tier is better or worse than another; it just depends on what you want to pay in premiums and deductibles versus out of pocket when you need health care.  Here’s a breakdown of how each tier works:
  • Bronze Plans: These have low premiums and high deductibles. 
  • Expanded Bronze Plans: These also have low premiums and high deductibles but cover roughly 5% more medical costs than typical bronze plans. 
  • Silver Plans: These plans have a more balanced ratio between premiums and deductibles. 
  • Gold Plans: These have high premiums and low deductibles, and you’ll pay the least out of pocket. 
New Mexico’s state law requires that every insurance provider offers at least one silver and at least one gold tier plan.  Because these metal tiers have different pricing, they are better suited for different situations. For example:
  • Bronze Plans are well suited for individuals who are young and healthy, with very little anticipated medical costs, that are able to pay a high deductible if needed. 
  • Silver Plans are best for those whose medical costs will be mid-sized but need a cheaper premium than gold plans. Silver is the only tier that benefits from subsidies, so it can end up being the most affordable option if you qualify for those cost-sharing reductions. 
  • Gold Plans are well suited for individuals who anticipate having many medical costs throughout the year and will need extensive coverage to help with cost. 
While the metal tier system describes the relationship between premiums and deductibles, within these tiers there are further categorizations. Keep reading to learn about those and more. 

Types of Health Insurance Policies in New Mexico

Different types of health insurance policies can have different features. While a little complex at first, this variety actually helps each and every New Mexican find a health insurance policy perfectly suited to their needs.  The primary distinction between these types of health insurance plans is their relation to price, primary care providers (PCPs), and health care networks. 
  • Primary Care Providers: PCPs are your main physician who coordinates all your healthcare needs. 
  • Health Care Network: The network refers to a group of healthcare practices that have an existing relationship and agreement with your insurer. 
You should spend time considering how important or feasible it is for you to have a PCP and/or seek care within a specified network before selecting a health insurance plan. Click here for help in understanding what health insurance is right for you.

Employer Sponsored Health Insurance

Sizeable companies in New Mexico are required to offer employees health insurance and the premiums are subsidized by the employer. This makes it an affordable option for health insurance, if your (or your partner’s) employer offers it. 

However, the employer also gets to choose the insurance plans, which leaves you with very little choice or control over coverage. Plus, if you lose your job, you also lose your health insurance coverage, unless you opt into COBRA. COBRA allows you to keep your previous health insurance for a certain amount of time, but bear in mind your employer no longer subsidizes your premiums, so costs can rack up. Find more details here.

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Average Cost of Health Insurance in New Mexico

We won’t beat around the bush any longer: we know cost is an extremely important factor when purchasing health insurance. We don’t want you to spend a cent more than you need to. 

By now you should have a good understanding of how health insurance plans differentiate in order to adapt to individual needs. This variation also affects the price of health insurance in New Mexico. 

Cost is also affected by:

  • Age 
  • Gender 
  • Family size 
  • County 
  • Smoker/nonsmoker 

Now that we’ve got the disclaimers out of the way, here’s the facts:

The average 40-year-old New Mexico resident pays $431 per month for health insurance. 

What you pay will depend on your own individual factors, but it helps to have a rough idea. 

If you’re currently paying too much for your health insurance, then it helps to shop around for a new plan (if you’re on a marketplace plan). Remember that open enrollment is when you can make changes to your plan each year, and it takes place from November 1 to January 15 in New Mexico. If you’ve recently had a life change, like a divorce, job loss, marriage, birth, and more, you might qualify for a special enrollment period that lets you change your plan right away. Better coverage, more affordable rates, you name it!

Ready to get a more accurate number? We’ve got you covered. Click here for access to free quotes, fast.

Affordable New Mexico Health Insurance Plans

Knowing the average cost gives you a good baseline to gauge whether or not you’re finding a deal on your health insurance. What’s even more helpful is knowing which insurance providers offer low-priced health insurance in New Mexico. 

The companies that offer the cheapest health insurance in New Mexico are:

  1. Ambetter Plan of WSCC
  2. Bluecross and Blueshield of New Mexico
  3. Molina Healthcare of New Mexico 
  4. Presbyterian Health Plan 

The Focused Silver Plan is the most affordable health insurance in New Mexico in terms of coverage and price. 

Before Purchasing Health Insurance in New Mexico…

We’ve shared as much information with you as we possibly could without putting you into an insurance coma (yeah, those are real!). It’s important to understand how health insurance works and to know where to find affordable policies. 

Before buying any insurance, you should practice the three Cs: 

  1. Consider your individual needs 
  2. Consult with insurance experts 
  3. Compare quotes from multiple insurance companies

ConsumerCoverage is all about making informed decisions about insurance. Contact us today for guidance on your health insurance needs, or just to chat. We’ve got you covered!


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