New Mexico Health Insurance

Buying health insurance can be a little confusing if you’re not familiar with the elements involved, so any New Mexico resident that is currently in need of coverage would be well-advised to start by learning about the various regulations and guidelines imposed on health insurance companies in this state.  The list below should provide enough information to start you on your way.

• The state of New Mexico mandates that every health insurance company guarantee its customers the opportunity to renew coverage each time it is due to expire: so long as you have kept up your premium payments and stuck to the terms of your policy, your insurer cannot stop you from renewing your policy.  Not only that, but it is illegal for your coverage to be cancelled without your consent if you ever become seriously injured or sick.
• Pre-existing conditions, meaning any health problems diagnosed or treated within six months before the start of coverage, can be designated as excluded from your policy by your insurer when your health plan is written.  This exclusion period can last up to six months, during which time any costs arising due to this condition will not be paid by your insurer.  Fortunately, the same condition cannot be excluded for more than six months altogether, even moving from one insurer to another, so long as you’ve maintained continuous coverage.
• Your current health may be taken into account when health insurance providers in New Mexico are deciding whether to accept your application for coverage.  When setting your premiums, however, insurers are not allowed to take your health into account; instead, they will generally consider your age, family history, demographics, and other risk factors.
• Small businesses with anywhere between two and fifty employees are automatically eligible to buy group health insurance in New Mexico— insurance companies are obligated to sell them any policy that they are already offering to other small businesses here.  This may come with a number of conditions, however, such as maintaining a minimum level of employee enrollment in the plan.  The particular requirements will tend to vary on a case-by-case basis.
• The cost for group coverage will tend to vary based on the risk factors of those covered, such as their health and age.  New Mexico’s insurance regulations limit the extent to which they can fluctuate, however, and insurers cannot cancel the policy outright on the grounds that an employee has fallen ill.
• If you are a self-employed resident of New Mexico, you are probably not eligible to purchase group coverage as a small business unless you meet the usual requirements (such as having enough employees).  If you choose to buy individual coverage instead, however, you may be able to deduct a portion of the premiums from your taxes.

It’s a good idea to muster every advantage you can before trying to navigate the health insurance market, and the best way to do that is to learn as much as you can about the kind of coverage you intend to buy.  Once you’re sure of what you want, it will be a much more straightforward task to compare quotes from the various competing insurers and thereby find the health coverage you’re looking for.

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