Living in New Mexico, it can be overwhelming to choose the right health insurance plan. Fortunately, there are several options available for New Mexico residents who need health coverage. Understanding these options can help you make an informed decision about your healthcare needs. In this article, we will discuss the different types of health insurance plans available in New Mexico, including ACA plans, Short-Term Plans, Ministry Plans, and Indemnity plans.

 ACA Plans:

The Affordable Care Act (ACA) provides health coverages to individuals and families in New Mexico. These plans are often the most comprehensive with the most benefits. They include essential health benefits like preventive care, maternity, and mental health care. ACA plans are purchased through, and eligibility is based on the household income level. Premiums for these plans can be costly, but financial assistance may be available for low and moderate-income households. In New Mexico, purchasing health insurance plans through the state’s health insurance exchange can be a daunting process. With the vast array of plans and the complex nature of the tax credit system, it’s critical to understand the ins-and-outs of getting covered. Using a independent agent to help you navigate the process is key.  In New Mexico, the open enrollment period runs from 1 November to 15 December annually. During the enrollment window, you can sign up for health insurance, change your coverage, or renew your policy.

The next critical choice is deciding the level of plan you want. There are categories of plans in the New Mexico Health Insurance Exchange: bronze, silver and gold, All the plans cover ten essential health benefits, including hospitalization, preventive services, lab tests, maternity care, and prescription drugs. The differences between the categories are the premium payments and the percentage of health costs paid by the insurance company.  If you’re on a tight budget or don’t need substantial coverage, a bronze plan will be ideal. The public will be paying a more significant share of medical costs, but the monthly premiums will be lower. On the other end of the spectrum, a Gold plan offers the most comprehensive coverage with the lowest out of pocket expenses.

Now let’s talk about tax credits. The federal government offers tax credits to assist lower-income individuals in paying for health insurance premiums. The amount of the tax credit is based on household income, family size, and age.  In New Mexico, over 70% of enrollees receive premium tax credits, which average around $380 per month. This means for these individuals, although the premium may show higher on paper, the credit will help cover costs, making your monthly expenses lower.

 Short-Term Plans

Short-term plans are less expensive than ACA plans, but also provide less coverage. They offer temporary coverage for up to twelve months and are designed as a gap-filler for people who are transitioning between jobs or waiting for other coverage. Short-term plans do not cover pre-existing conditions, so people with pre-existing medical conditions may not qualify for them..

Ministry Plans

Ministry plans are a type of healthcare coverage that is often faith-based organizations. In New Mexico, ministry plans are not subject to state insurance regulations, and their offerings may vary widely. Unlike the ACA, these plans often don’t have to cover essential health benefits or pre-existing conditions, making them less expensive than other types of insurance plans.

 Indemnity Plans:

Indemnity plans are another type of health insurance that is designed to provide flexible coverage options. These plans provide pre-set amounts of money for medical procedures and often include deductibles, coinsurance, and copays.

There is no one-size-fits-all approach when it comes to choosing the right health insurance plan in New Mexico. Depending on your individual needs and budget, there are different options available. It’s essential to weigh the costs and benefits of each plan before deciding. Whether you choose an ACA plan, short-term plan, ministry plan, or indemnity plan, the most important thing is that you have health coverage for unexpected medical expenses. It’s always best to do your research and seek guidance from a healthcare professional before making any decisions.

For Assistance contact Curt Knight at 505-717-3479