Affordable Health Insurance in NM: A Comprehensive Guide.The rising costs of healthcare have made it difficult for many Americans to afford health insurance. New Mexico is no exception, and many residents are searching for affordable health insurance options. In this blog, we’ll discuss the various types of health insurance available in NM, the cost of healthcare in the state, and tips for finding affordable health insurance.
The Cost of Healthcare in NM
According to a 2020 report by the Commonwealth Fund, New Mexico ranks 40th in the nation for overall health system performance. The state has a high uninsured rate, with approximately 10% of the population lacking health insurance. The cost of healthcare in NM is also higher than the national average, making it difficult for residents to access necessary medical care.
The Affordable Care Act
The Affordable Care Act (ACA) is a federal law that requires all Americans to have health insurance or pay a penalty. The ACA created a marketplace where individuals and small businesses can purchase health insurance plans that meet certain standards of coverage and affordability. In NM, the marketplace is called beWellnm, and it offers a range of health insurance plans from various providers.
Types of Health Insurance
There are several types of health insurance available in NM, each with its own benefits and drawbacks. Here are the most common types of health insurance in the state:
Health Maintenance Organization (HMO): An HMO is a type of health insurance that requires members to use doctors and hospitals within a specific network. HMOs usually have lower premiums but limited provider options.
Preferred Provider Organization (PPO): A PPO is a type of health insurance that allows members to see any doctor or specialist without a referral. PPOs typically have higher premiums but greater flexibility in provider choice.
Exclusive Provider Organization (EPO): An EPO is a type of health insurance that requires members to use doctors and hospitals within a specific network. EPOs usually have lower premiums than PPOs but may have a more limited provider network.
Point of Service (POS): A POS is a hybrid of an HMO and a PPO. Members can choose to see doctors and specialists within a network or outside of it. POS plans typically have higher premiums but greater flexibility in provider choice.
Tips for Finding Affordable Health Insurance in NM
Use the Marketplace: The beWellnm marketplace is the best place to start when looking for affordable health insurance in NM. You can compare plans from various providers and choose the one that best fits your needs and budget.
Consider a High-Deductible Plan: High-deductible health plans (HDHPs) usually have lower premiums than traditional plans but require members to pay a higher deductible before insurance coverage kicks in. HDHPs are a good option for healthy individuals who don’t anticipate many medical expenses.
Look for Discounts: Some health insurance providers offer discounts for things like healthy living habits, annual check-ups, and using generic medications. Be sure to ask your provider about any available discounts.
Conclusion
Affordable health insurance is a critical component of ensuring access to medical care for all residents of NM. While the cost of healthcare in the state is higher than the national average, there are options available for those in need of affordable health insurance. Whether you choose a plan through the beWellnm marketplace, a high-deductible plan, or look for discounts, the key is to do your research and find the plan that best fits your needs and budget.