Cheapest Health Insurance in New Mexico (2024 Plans)


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ByMark Fitzpatrick
Edited byDenise Cristobal
ByMark Fitzpatrick
Edited byDenise Cristobal

Updated: May 22, 2024

Advertising & Editorial Disclosure

Health insurance premiums and out-of-pocket costs differ per metal tier. Presbyterian Health Plan offers the most affordable Bronze, Expanded Bronze, Silver and Gold plans in New Mexico.

If you want to balance monthly premiums with quality claims and coverage, MoneyGeek analyzed the best health insurance in New Mexico.

MoneyGeek Logo IconCheapestHealth InsuranceNew Mexico
2024

Most Affordable Health Insurance in New Mexico

Why Trust MoneyGeek? We downloaded plan data for New Mexico directly from the Centers for Medicare and Medicaid Services (CMS).

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Plan data was updated with the CMS exchange data released in October, the latest available data for the 2024 enrollment period.

25Plans Analyzed
 
10Providers Compared

Cheapest Health Insurance in New Mexico by Metal Tier

Health insurance premiums differ across metal tiers, balancing between higher monthly payments for lower out-of-pocket costs like deductibles and vice versa.

The most cost-effective plan within the popular Silver tier in New Mexico is the Silver Select 7000 w/ GYM - Limited Service Area offered by Presbyterian Health Plan, with a monthly cost of $437. Although Silver plans are typically the most popular due to a balance of monthly premiums and coverage, you could also consider Bronze plans if you are willing to accept higher out-of-pocket expenses for a lower monthly rate.

Here are the most affordable health insurance plans from each metal tier:

  • Bronze: Bronze 9450 w/ GYM from Presbyterian Health Plan ($460 per month)
  • Expanded Bronze: Bronze Select 6800 w/ GYM - Limited Service Area from Presbyterian Health Plan ($315 per month)
  • Silver: Silver Select 7000 w/ GYM - Limited Service Area from Presbyterian Health Plan ($437 per month)
  • Gold: Gold Select w/ GYM - Limited Service Area from Presbyterian Health Plan ($382 per month)

For more details on choosing cheap health insurance plans that fit your budget, explore further information to guide your selection.

Data filtered by:Results filtered by:
Age:
Age:40
Expanded BronzePlanBronze Select 6800 w/ GYM - Limited Service AreaCompanyPresbyterian Health PlanMonthly Cost$315Maximum Out-of-Pocket$9,450
GoldPlanGold Select w/ GYM - Limited Service AreaCompanyPresbyterian Health PlanMonthly Cost$382Maximum Out-of-Pocket$9,450
SilverPlanSilver Select 7000 w/ GYM - Limited Service AreaCompanyPresbyterian Health PlanMonthly Cost$437Maximum Out-of-Pocket$9,450
BronzePlanBronze 9450 w/ GYMCompanyPresbyterian Health PlanMonthly Cost$460Maximum Out-of-Pocket$9,450
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WHAT ARE METAL TIERS?

In the New Mexico health insurance marketplace, consumers can choose from different metal tiers — Bronze, Expanded Bronze, Silver and Gold. These tiers represent a range of cost-sharing options between health insurers and enrollees.

Although Bronze and Expanded Bronze plans have lower monthly premiums, they also have higher maximum out-of-pocket costs. Often, individuals who want to minimize monthly expenses and are willing to take on more cost when needing care choose these plans.

On the other hand, Gold plans feature lower out-of-pocket expenses and higher monthly premiums. This option might be suitable for those who require frequent medical care and wish to have more predictable costs.

Silver plans strike a balance between premiums and out-of-pocket costs. Notably, individuals with incomes below 250% of the Federal Poverty Line are eligible for cost-sharing reductions on Silver plans. This means they can benefit from lower deductibles, copayments and co-insurance, making health care more affordable without bearing the full cost of higher-tier plans.

Cheapest Silver Plans in New Mexico

The most cost-effective Silver plan in New Mexico is the Silver Select 7000 w/ GYM - Limited Service Area offered by Presbyterian Health Plan, with a monthly cost of $437. The three most affordable Silver plans in New Mexico include:

  • Silver Select 7000 w/ GYM - Limited Service Area from Presbyterian Health Plan ($437 per month)
  • Clear Cost Silver Plan - Limited Service Area On from Presbyterian Health Plan ($491 per month)
  • Focused Silver from Ambetter Plan of WSCC ($494 per month)

Silver plans are well-suited for individuals who desire a balance between monthly premium costs and out-of-pocket expenses when receiving health care. They are particularly beneficial for those who qualify for cost-sharing reductions, which can significantly lower the amount you pay for deductibles, copayments and co-insurance. These reductions can make health care much more accessible to those who qualify based on income.

Data filtered by:Results filtered by:
Age:
Age:40
Presbyterian Health PlanMonthly Cost$437Maximum Out-of-Pocket$9,450PlanSilver Select 7000 w/ GYM - Limited Service Area
Presbyterian Health PlanMonthly Cost$491Maximum Out-of-Pocket$8,950PlanClear Cost Silver Plan - Limited Service Area On
Ambetter Plan of WSCCMonthly Cost$494Maximum Out-of-Pocket$8,300PlanFocused Silver
Molina Healthcare of New Mexico, IncMonthly Cost$500Maximum Out-of-Pocket$8,950PlanClear Cost Silver On Exchange
UnitedHealthcare of New Mexico, IncMonthly Cost$519Maximum Out-of-Pocket$9,450PlanUHC Silver Advantage On Exchange

Cheapest Gold Plans in New Mexico

The most affordable Gold plan in New Mexico is the Gold Select w/ GYM - Limited Service Area offered by Presbyterian Health Plan, costing just $382 per month. The three least expensive Gold plans in New Mexico are:

  • Gold Select w/ GYM - Limited Service Area from Presbyterian Health Plan ($382 per month)
  • Clear Cost Gold Plan - Limited Service Area On from Presbyterian Health Plan ($408 per month)
  • UHC Gold Value On Exchange from UnitedHealthcare of New Mexico, Inc ($426 per month)

Gold plans usually have higher monthly premiums compared to Silver or Bronze plans but lower deductibles and copays. Gold plans are well-suited for individuals who expect to need a moderate to high level of care and are willing to pay more monthly to cover more costs when they receive medical treatment.

Data filtered by:Results filtered by:
Age:
Age:40
Presbyterian Health PlanMonthly Cost$382Maximum Out-of-Pocket$9,450PlanGold Select w/ GYM - Limited Service Area
Presbyterian Health PlanMonthly Cost$408Maximum Out-of-Pocket$5,300PlanClear Cost Gold Plan - Limited Service Area On
UnitedHealthcare of New Mexico, IncMonthly Cost$426Maximum Out-of-Pocket$9,000PlanUHC Gold Value On Exchange
BlueCross BlueShield of New MexicoMonthly Cost$426Maximum Out-of-Pocket$9,450PlanBlue Community Gold HMO? 205 - On Exchange
Molina Healthcare of New Mexico, IncMonthly Cost$428Maximum Out-of-Pocket$8,100PlanGold 1 On Exchange with Low Cost Generic Drugs

Cheapest Bronze Plans in New Mexico

The most affordable plan in the Bronze tier in New Mexico is the Bronze 9450 w/ GYM by Presbyterian Health Plan, with a monthly cost of $460. Notably, this is the only plan available in that metal tier for New Mexicans, simplifying the selection process for residents looking for basic coverage.

Bronze plans are ideal for individuals seeking coverage for catastrophic events and who are comfortable with paying lower monthly premiums in exchange for higher out-of-pocket costs when accessing health care. These plans generally work best for those who are relatively healthy and do not require frequent medical services. Additionally, Bronze plans may be a good choice for young adults looking to fulfill the requirement for health insurance coverage without significant financial burden.

Data filtered by:Results filtered by:
Age:
Age:40
Presbyterian Health PlanMonthly Cost$460Maximum Out-of-Pocket$9,450PlanBronze 9450 w/ GYM

Cheapest Expanded Bronze Plans in New Mexico

The most affordable plan in the Expanded Bronze tier in New Mexico is the Bronze Select 6800 w/ GYM - Limited Service Area offered by Presbyterian Health Plan at a monthly cost of $315.

Expanded Bronze plans are well-suited for individuals who want to balance moderate premiums with comprehensive coverage. They are designed for people willing to pay lower monthly premiums while accepting higher out-of-pocket costs before full coverage kicks in. These plans can be a good option for those who do not expect to use many medical services but want the peace of mind of having protection against high-cost events.

Data filtered by:Results filtered by:
Age:
Age:40
Presbyterian Health PlanMonthly Cost$315Maximum Out-of-Pocket$9,450PlanBronze Select 6800 w/ GYM - Limited Service Area
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WHAT IS A COST-SHARING REDUCTION?

For individuals with incomes between 100% and 250% of the Federal Poverty Level, cost-sharing reductions (CSRs) lower the amount paid for deductibles, copayments and co-insurance on Silver health insurance plans.

For example, without CSRs, the maximum out-of-pocket cost of a Silver plan might be $7,900. But with a high level of CSRs, the same plan's maximum out-of-pocket could drop to $2,500, illustrating significant potential savings on health care expenses for those who qualify.

Cheapest Health Insurance in New Mexico by Plan Type

The most popular plan type in New Mexico is HMO (Health Maintenance Organization). The most affordable HMO plan in New Mexico for a 40-year-old is Silver Select 7000 w/ GYM from Presbyterian Health Plan, which costs $437 per month.

Our review of plan types available in New Mexico did not include alternatives like PPO (Preferred Provider Organization), which can offer more provider flexibility, and EPO (Exclusive Provider Organization), which provides a balance between cost and provider choice without needing referrals.

Data filtered by:Results filtered by:
Age:
Age:40
Plan Type:
Plan Type:HMO
Presbyterian Health PlanMonthly Cost$437Maximum Out-of-Pocket$9,450PlanSilver Select 7000 w/ GYM - Limited Service Area
Presbyterian Health PlanMonthly Cost$491Maximum Out-of-Pocket$8,950PlanClear Cost Silver Plan - Limited Service Area On
Ambetter Plan of WSCCMonthly Cost$494Maximum Out-of-Pocket$8,300PlanFocused Silver
Molina Healthcare of New Mexico, IncMonthly Cost$500Maximum Out-of-Pocket$8,950PlanClear Cost Silver On Exchange
UnitedHealthcare of New Mexico, IncMonthly Cost$519Maximum Out-of-Pocket$9,450PlanUHC Silver Advantage On Exchange
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WHAT'S THE DIFFERENCE BETWEEN PLAN TYPES?

The most common plan type in New Mexico is the Health Maintenance Organization (HMO) plan. HMO plans emphasize preventive care and generally have lower premiums and out-of-pocket costs. They require patients to select a primary care physician (PCP) and secure referrals to see specialists. Note that HMOs generally only cover in-network services, limiting provider options.

Cheapest Health Insurance in New Mexico by County

Health insurance rates and availability of certain plans vary by county in New Mexico. Comparing the most affordable plans in the largest and smallest counties by population shows this variation:

  • Bernalillo: Blue Community Silver HMO? 203 - On Exchange from Blue Cross Blue Shield of New Mexico ($399 per month)
  • Harding: Clear Cost Silver On Exchange from Molina Healthcare of New Mexico, Inc ($535 per month)

The following table details all available plans in each county in New Mexico.

Data filtered by:Results filtered by:
County:
County:Bernalillo
BlueCross BlueShield of New MexicoMonthly Cost$399Maximum Out-of-Pocket$9,450PlanBlue Community Silver HMO? 203 - On Exchange
BlueCross BlueShield of New MexicoMonthly Cost$422Maximum Out-of-Pocket$9,450PlanBlue Community Silver HMO? 308 - On Exchange

Health Insurance Costs in New Mexico by Age and Metal Tier

In New Mexico, age impacts the cost of health insurance within metal tiers. For instance, an 18-year-old with a Silver plan pays $391 monthly, while a 60-year-old pays $1,163 for the same type of plan. The price difference is $772, showing how much more a 60-year-old pays compared to an 18-year-old.

Metal tiers reflect the percentage of costs covered by the insurance plan. A 40-year-old with a Bronze plan pays $460 monthly, while the same person pays $548 for a Silver plan. A Gold plan costs $454 monthly for the same individual. The chart below shows that a Silver plan is more expensive than Bronze and Gold plans.

Health Insurance Costs in New Mexico by Age and Metal Tier

What to Know About Health Insurance in New Mexico

MoneyGeek broke down all the health insurance options in New Mexico. We explain private insurance in the marketplace with the available metal levels, Medicaid and Medicare. We aim to help you understand your choices for health care and how it can work for you.

Private Health Insurance in the New Mexico Marketplace

In New Mexico, the open enrollment period for health insurance typically runs from November 1 to December 15, mirroring the federal marketplace. This is the annual window when individuals and families can enroll in a new plan or make changes to their existing coverage through the state exchange known as beWellnm. If you miss the open enrollment deadline, you may still qualify for a Special Enrollment Period (SEP) if you experience certain life events, such as getting married, having a baby or losing other health coverage. Outside of open enrollment and SEPs, Medicaid enrollment is year-round for eligible individuals.

Medicaid in New Mexico

Medicaid is a joint federal and state program providing health care coverage to individuals and families with low income. In New Mexico, eligibility depends on several factors, including income, family size and special circumstances such as pregnancy or disability. Generally, it is available to residents who meet the financial requirements based on the Federal Poverty Level. Children, pregnant women, older adults and individuals with disabilities may also qualify for benefits under specific Medicaid categories. The New Mexico Human Services Department administers the program, ensuring that eligible citizens have access to necessary health care services.

Medicare in New Mexico

Medicare is a federal health insurance program for people aged 65 or older, certain younger individuals with disabilities and people with End-Stage Renal Disease. In New Mexico, residents who meet these criteria are eligible. Medicare Part A covers hospital insurance, including inpatient care, hospice and some home health care services; Part B covers medical insurance, which entails doctors' services, outpatient care and other medical services; Part C, also known as Medicare Advantage, includes all benefits and services covered under Parts A and B and often offers additional benefits like dental, vision and hearing. Lastly, Medicare Part D covers prescription drug costs.

For those looking to enhance their Medicare coverage in New Mexico, MoneyGeek has researched and compiled resources identifying the best Medicare Advantage Plans in New Mexico and the best Medicare Supplement plans in New Mexico.

Expert Advice: Finding Affordable Health Insurance in New Mexico

  1. How do I take advantage of cost-sharing reductions and tax credits for health insurance in New Mexico?
  2. Outside of plans on the health insurance exchange, where else can I get health insurance in New Mexico?
J. Tim Query, Ph.D., C.P.A., A.R.M.
J. Tim Query, Ph.D., C.P.A., A.R.M.Professor at the New Mexico State University, College of Business

New Mexico Health Insurance FAQ

You may have questions about cost and availability when looking for health insurance. MoneyGeek responded to frequently asked questions about cheap private health insurance in Texas to help you learn more.

What are the cheapest Silver and Gold plans in New Mexico for 2024?
What are the downsides of a cheap health insurance plan?

About Mark Fitzpatrick


Mark Fitzpatrick headshot

Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.


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