New Mexico health insurer proposes 80 percent premium hike
SANTA FE, N.M. (AP) — All four health insurance providers on New Mexico’s state-run exchange have submitted rate proposals for the coming year, despite uncertainty about key federal subsidies.
New Mexico Health Connections CEO Martin Hickey said Thursday his cooperative is proposing a nearly 80 percent premium increase for individuals. The proposal may be lowered in July.
Health Widler of the Office of the Superintendent of Insurance says detailed descriptions of proposed rate increases will be made public later this month.
Insurance providers have been left to guess whether the federal government will continue to pay subsidies for out-of-pocket expenses such as copayments and deductibles for lower-income patients. Requirements that taxpayers maintain coverage or pay a penalty also are in limbo.
Hickey says young, healthy consumers increasingly are leaving the New Mexico exchange.