The Cheapest New Mexico Health Insurance for Individuals and Families
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People in New Mexico who are not eligible for government programs like Medicaid or Medicare and those that do not have health insurance from an employer can apply for a private plan from the New Mexico insurance exchange. Private plans range from low-cost plans with low monthly premiums to high-cost plans. If you opt for a cheaper plan, you will likely pay more out of pocket for medical expenses because of the high out-of-pocket maximums.
To help you find cheap health insurance in New Mexico, MoneyGeek analyzed plans based on different ages and plan types. This analysis is based on plans from the New Mexico insurance marketplace.
The Cheapest Health Insurance in New Mexico by Metal Tier
When purchasing a private health insurance plan in New Mexico, you will have five options of metal tiers to choose from. You can select a tier with low monthly premiums, but the trade-off for this is higher out-of-pocket maxes.
In New Mexico, residents can choose a Catastrophic, Bronze, Expanded Bronze, Silver or Gold tier plan. The tier you choose will determine how much you pay in premiums, with the average person in New Mexico paying the following rates:
- Catastrophic: $280 per month
- Bronze: $261 per month
- Expanded Bronze: $293 per month
- Silver: $391 per month
- Gold: $376 per month
A lower-tier plan like Silver can be more expensive in specific markets than a higher tier like Gold, depending on the particular state. When you choose a high-cost plan, you will pay more in monthly premiums. However, your out-of-pocket costs will be low, making this plan cheaper for those with high medical expenses.
In the New Mexico marketplace, premiums and out-of-pocket maxes can vary widely within a specific metal tier. You can find the cheapest plans by monthly premiums in the table below.
If you are a New Mexico resident with limited income, you may qualify for cost-sharing reductions or CSR. CSR reductions significantly reduce your deductibles when applied to your plan, making a Silver plan even more affordable.
The plans in this analysis are for a sample 40-year-old male for an HMO plan. In New Mexico, HMO plans are the only plan type available for private insurance plans from the New Mexico insurance exchange.
Cheapest Health Insurance in New Mexico by Metal Tier
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- Metal TierPlanCompanyMonthly CostOOP Max
- CatastrophicFriday CatastrophicFriday Health Plans$242$8,550
- BronzeFriday BronzeFriday Health Plans$251$8,550
- Expanded BronzeCore Care Bronze 5Molina Healthcare$257$8,550
- SilverConstant Care Silver 1Molina Healthcare$343$8,500
- GoldFriday GoldFriday Health Plans$345$8,250
The Cheapest Health Insurance in New Mexico by Age and Metal Tier
Your age is one of the most significant factors in the cost of your health insurance. A 26-year-old in New Mexico will pay an average of $313 monthly for a Silver plan than the roughly $830 per month that a 60-year-old would pay for a similar plan. These rates are based on an HMO plan.
Health Insurance Costs in New Mexico by Age and Metal Tier
As you get older, your monthly premiums for health insurance will also increase. You can choose to go with low-cost tiers such as Bronze which have more affordable monthly premiums. However, if you have high medical expenses, you will pay more out of pocket if you choose a low-cost plan.
The rates used in this analysis are based on sample ages, so they do not consider your specific income and age combination. This means you can only get an exact quote for your particular age and income by applying for a plan from the New Mexico marketplace.
You can use the table below to find rates based on different metal tiers and ages. You can also get more information on metal tiers from our health insurance in New Mexico guide.
Cheapest Health Insurance in New Mexico by Age And Metal Tier
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- PlanCompanyMonthly Rate
- CatastrophicHMOFriday Health Plans$173
- CatastrophicHMOBlue Cross and Blue Shield of New Mexico$227
- BronzeHMOFriday Health Plans$180
- BronzeHMOMolina Healthcare$181
- BronzeHMOMolina Healthcare$183
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The Cheapest Health Insurance in New Mexico by County
States like New Mexico have rating areas that are factored in when calculating health insurance premiums. This means that your premiums can vary depending on which area of the state you live in. The 33 counties of New Mexico are divided into five rating areas.
In New Mexico’s most populous county, Bernalillo, the cheapest Silver plan is Constant Care Silver 1, offered by Molina Healthcare for $336 per month.
You can find the cheapest plans in each metal tier for your county in New Mexico using the table below.
These plans indicated are for a sample 40-year-old male in New Mexico purchasing a health plan in that county.
Cheapest Health Insurance Plans in New Mexico by County
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- Metal TierCompanyCheapest PlanMonthly Premium
- BernalilloCatastrophicFriday Health PlansFriday Catastrophic$211
- SandovalCatastrophicFriday Health PlansFriday Catastrophic$211
- TorranceCatastrophicFriday Health PlansFriday Catastrophic$211
- ValenciaCatastrophicFriday Health PlansFriday Catastrophic$211
- San JuanCatastrophicFriday Health PlansFriday Catastrophic$275
The Cheapest Health Insurance in New Mexico With High Out-of-Pocket Maxes
If you are a relatively healthy young person in New Mexico, you can choose a low-cost plan with high out-of-pocket maximums. This type of plan has low monthly premiums, and although the out-of-pocket maximums are high, they will only be costly if you incur high medical expenses.
For the average 26-year-old in New Mexico, the cheapest plan for high out-of-pocket maxes is Friday Catastrophic, provided by Friday Health Plans at an average of $194 per month.
MoneyGeek defines a high out-of-pocket max plan as one where the out-of-pocket expenses are $8,250 or higher.
Friday Health Plans
Friday Health Plans offers the cheapest option for a low-cost plan with high out-of-pocket maxes. However, since this plan is a Catastrophic plan, only people younger than 30 qualify for it. In some cases, people who are over 30 but have certain exemptions may also be eligible.
The Cheapest Health Insurance in New Mexico With Low Out-of-Pocket Maximums
High-cost plans with low out-of-pocket maximums are the best option for New Mexico residents with high medical expenses. The low out-of-pocket maximums will offset the high monthly premiums for such plans since you will reach your out-of-pocket maximum quickly, and the insurer will then cover your medical costs.
In New Mexico, the cheapest plan for low out-of-pocket maxes for the average 40-year-old is Confident Care Gold 2, which costs $354 per month. Molina Healthcare offers this Gold plan.
The Confident Care Gold 2 plan has an out-of-pocket maximum of $4,500. Although this is above the $4,250 threshold used by MoneyGeek to define a low out-of-pocket max, this plan has the cheapest premium and lowest out-of-pocket maxes in New Mexico.
Molina Healthcare
Low out-of-pocket max plans typically fall in the Gold or Platinum tier. In New Mexico, Molina Healthcare’s Gold plan has the most affordable premiums and lowest out-of-pocket maxes.
Cheapest HMO Health Insurance Plan in New Mexico
The best health insurance plan for you will depend on your particular needs and preferences. In New Mexico, HMO plans are the only type of plan available in the marketplace. HMO plans are typically very affordable. However, with an HMO plan, you have limited flexibility regarding providers since you will be restricted to a specified network of providers. You will also need a referral to see a specialist if you have an HMO plan.
The cheapest Silver HMO plan in New Mexico is Constant Care Silver 1, offered by Molina Healthcare at an average cost of $343 per month. This rate is for a 40-year-old.
Cheapest Plan in New Mexico With an HSA
If you have few medical expenses, you can choose a Health Savings Accounts (HSAs) plan. HSA plans have low monthly premiums and allow you to build a nest egg by making pre-tax contributions to your plan. If you do not use your contributions on medical expenses, they will go to your savings.
In New Mexico, the cheapest plan with an HSA option is:
- Cheapest HSA Expanded Bronze Plan: Friday Bronze HSA is offered by Friday Health Plans, which costs an average of $284 per month.
It is important to note that HSA plans have high deductibles, so you may lose a considerable proportion of your savings if you incur high medical expenses.
What to Know About Health Insurance in New Mexico
MoneyGeek’s analysis is based on rates for private health insurance plans from New Mexico marketplaces. When you apply for a plan, you may get even cheaper options from the state marketplace.
Medicaid and Medicare programs are cheaper than any marketplace plans, but only New Mexico residents who qualify based on age or income level can obtain these state plans.
Private Health Insurance on the New Mexico Marketplace
When buying private health insurance in New Mexico, the available options are categorized into metal tiers, each with different coverage features and premiums.
Here is a breakdown of the differences between the metal tiers.
- Catastrophic: For people under 30, Catastrophic plans are the cheapest option in terms of monthly premiums. However, this type of plan has limited benefits and comes with high deductibles and high out-of-pocket costs. People over 30 may qualify for Catastrophic plans but only if they meet the stipulated exemptions.
- Bronze: Bronze plans provide more coverage than Catastrophic plans. They are a low-cost option suitable for people with minimal medical expenses but need some cover in a medical emergency. This plan can be costly for people with recurring medical expenses due to the high out-of-pocket maxes.
- Expanded Bronze: The Expanded Bronze plan offers more coverage than a Bronze plan. The premiums for this tier will be higher than Bronze and Catastrophic plans but still affordable compared to Gold and Platinum tiers.
- Silver: Silver plans are middle-of-the-road plans offering a balance of affordable premiums and coverage benefits. Silver plans are the ideal option for the average person since both the premiums and out-of-pocket maxes are average compared to the high-cost options and low-cost options.
- Gold: Gold plans have high monthly premiums, but the low out-of-pocket maxes offset these costs. This tier is ideal for people with high medical expenses as it reduces out-of-pocket expenses when you incur high medical costs.
Based on your income level, you may find that you qualify for even cheaper plans or higher coverage benefits apart from those indicated in MoneyGeek’s analysis.
New Mexico residents whose income ranges between 100% to 400% of the federal poverty level are eligible for premium tax credits. In a two-person household in New Mexico, the threshold for these tax credits is an income level of between $17,420 and $69,680 yearly. You can check whether you meet the threshold for tax credits here.
If you want to enroll in a new health insurance plan or renew an existing plan, you can do so during the open enrollment period. Typically, open enrollment occurs between November and December, but the recent COVID-19 pandemic has led to an extension of enrollment dates.
If you live in New Mexico and have an income between 138% and 250% of the federal poverty level, you can get cost-sharing reductions when you purchase a Silver plan. These reductions mean your deductibles and out-of-pocket maxes will be lower, and you may be able to buy a Gold plan at much lower rates. In New Mexico, a two-person household with an income range of $24,040 to $43,550 is eligible for cost-sharing reductions.
Medicaid in New Mexico
In New Mexico, if your income level is below 138% of the federal poverty level, you qualify for Medicaid. Medicaid is a free program, and people in Medicaid expansion states like New Mexico can be eligible for this free plan based on income alone. Since Medicaid is free, it is the cheapest option for qualified people.
Medicare in New Mexico
Older residents of New Mexico who are 65 years or older qualify for Medicare. This federal government program offers medical coverage but may require some premiums, unlike the free Medicaid program.
Medicare coverage is divided into three different parts including:
- Part A: This part of Medicare covers your hospital insurance, including medical expenses arising from hospital stays, care facilities, hospice care and some types of home health care. No premium is required for this part of Medicare.
- Part B: This part of Medicare covers outpatient expenses, including preventive care, medical devices, specific procedures and medical supplies. Depending on your income, you will pay a specified monthly premium for this part of Medicare.
- Part D: Prescription drugs and recommended vaccines are typically covered under part D of Medicare.
Medicare plans have limitations to certain coverages, so it is essential to understand your plan benefits and the exclusions.
Expert Advice: Finding Affordable Health Insurance in New Mexico
- How do I take advantage of cost-sharing reductions and tax credits for health insurance in New Mexico?
- Outside of plans on the health insurance exchange, where else can I get health insurance in New Mexico?
Professor at the New Mexico State University, College of Business
Methodology
MoneyGeek's research is based on estimates, and the cheapest plan for you will depend on your individual needs and characteristics. This analysis is intended to serve as a guide and no single plan is guaranteed to be the cheapest in New Mexico for you
MoneyGeek collected plans and premiums for health insurance in New Mexico from the Health Insurance Exchange Public Use Files (Exchange PUFs) for all available metal tiers and across several age groups.
Health insurance premiums on this page are an estimate and exclude potential premium tax credits and cost-sharing subsidies that users may be eligible for.
About Mark Fitzpatrick
sources
- Benefits.gov. "New Mexico Medicaid." Accessed June 18, 2021.
- Medicare.gov. "What's Medicare?." Accessed June 18, 2021.