Cheapest New Mexico Health Insurance Plans (2023)

In New Mexico, Ambetter offers the cheapest HMO Silver plan, while Presbyterian Health Plan provides the most affordable HMO Bronze, Expanded Bronze and Gold plans. Depending on the metal tier you choose, premiums, deductibles and maximum out-of-pocket costs (MOOPs) can vary. These costs can also change depending on your age, income level and coverage needs.

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

The cheapest health insurance Silver plan in New Mexico is the Focused Silver plan from Ambetter at $461 per month. As a general rule, more valuable metal tiers tend to have more expensive plans, but they offer more coverage.

For those looking for the most affordable health insurance plans, the following is a list of the cheapest plans by metal tier available in the state of New Mexico:

• Bronze: Ind HMO Bronze 2 with GYM On from Presbyterian Health Plan ($418 per month)
• Expanded Bronze: Ind HMO Expanded Bronze 1 with GYM On from Presbyterian Health Plan ($276 per month)
• Silver: Focused Silver from Ambetter ($461 per month)
• Gold: Ind HMO Gold 2 with GYM On from Presbyterian Health Plan ($343 per month)

Paying for a higher tier of health insurance can reduce out-of-pocket expenses for medical services. Higher metal tiers, such as Gold, tend to have higher monthly premiums but lower deductibles and maximum out-of-pocket expenses (MOOP).

The cheapest Silver plan in New Mexico is the Focused Silver plan from Ambetter, with a monthly premium of $461. If you’re looking for the most affordable health insurance in New Mexico, these are the cheapest Silver plans:

• Focused Silver from Ambetter: $461 per month
• Elite Silver from Ambetter: $481 per month
• Blue Community Silver HMO 203 from Blue Cross Blue Shield: $484 per month

Silver plans offer a balance between monthly premiums and coverage options, making them a popular choice. Cost-sharing reductions (CSRs) might be available for eligible individuals. These can lower out-of-pocket costs.

We focus our recommendations in this section on the HMO plan type because they are the most accessible in New Mexico.

The Ind HMO Gold 2 with GYM On from Presbyterian Health Plan is the most affordable Gold plan in New Mexico, costing around $343 per month. Other cheap Gold plans include:

• Ind HMO Gold 2 with GYM On from Presbyterian Health Plan: $343 per month
• Ind HMO Gold 4 with GYM On from Presbyterian Health Plan: $354 per month
• Ind HMO Gold 1 with GYM On from Presbyterian Health Plan: $390 per month

While Gold plans come with lower out-of-pocket costs and provide more comprehensive coverage than Silver or Bronze plans, they typically have higher monthly premiums. In New Mexico, however, Gold plans are actually cheaper than Silver plans.

The cheapest Bronze plan in New Mexico is the Ind HMO Bronze 2 with GYM On from Presbyterian Health Plan at $418 per month.

Bronze plans generally offer the lowest monthly premiums of all metal tiers, but they also come with higher out-of-pocket costs and limited coverage. While Bronze plans can be a good choice for those who are healthy and don't anticipate frequent medical expenses, they may not be the best option for those with chronic health conditions or who require regular medical care.

The most affordable health insurance in New Mexico in the Expanded Bronze tier is the Ind HMO Expanded Bronze 1 with GYM On at $276 per month from Presbyterian Health Plan.

While they may still have higher deductibles and copays than other metal tiers, Expanded Bronze plans can be a good choice for those who need more coverage than a traditional Bronze plan but want to keep their monthly premiums as low as possible.

MoneyGeek only analyzed HMO plans in New Mexico. The most affordable Silver HMO plan in New Mexico is the Focused Silver plan from Ambetter at $461 per month.

Choosing an HMO plan typically involves lower out-of-pocket costs and a smaller network of health care providers. However, your health care options are limited with this plan type.

In New Mexico, the availability of health insurance plans may differ by location. Insurance rates can also change across counties within the state. You can use the table below to help you compare the cost of Silver plans by county.

In New Mexico, the average health insurance cost can vary based on the metal tier you choose. These are the average premium costs for a 40-year-old in the state:

• Bronze: $418 per month
• Expanded Bronze: $276 per month
• Silver: $524 per month
• Gold: $417 per month

Additionally, health insurance costs tend to increase as you age, with seniors facing higher premiums than teens. For example, the average premium for a Silver plan for an 18-year-old is $375 per month, while a 60-year-old will pay around $1,100 per month.

MoneyGeek analyzed data from various private health insurance plans to help you find the cheapest options available during the open enrollment period of the New Mexico Marketplace.

Depending on your income and circumstances, you may qualify for Medicaid if you have a low income or Medicare if you are a senior citizen or have a disability. These programs are often more affordable and can provide a better solution for New Mexico residents who meet the eligibility criteria.

Private health insurance plans in New Mexico can be purchased during the open enrollment period, which usually runs from November 1 to January 15. Signing up before December 15 ensures that your coverage starts on January 1 of the following year, allowing you to have uninterrupted health insurance coverage.

In New Mexico, if you have an income under 138% of the Federal Poverty Level, you are eligible to enroll in Medicaid. Medicaid is a health insurance program that is provided free of charge to qualified individuals, and people who live in states that have expanded Medicaid, such as New Mexico, can be eligible for the program based on their income level. Since Medicaid is free, it is the most affordable option for individuals who qualify.

Residents of New Mexico who are 65 years of age or older are eligible for Medicare, which is a federal government program that provides medical coverage for certain expenses. Medicare is divided into three parts: Part A, Part B and Part D.

Part A covers hospital insurance, including medical expenses associated with hospital stays, hospice care and care facilities. Part B covers outpatient expenses, including preventive care, medical supplies and medical devices. Prescription drugs and vaccines recommended by your doctor are usually covered under Part D of Medicare.

MoneyGeek recently updated its list of the best Medicare Advantage Plans in New Mexico and the best Medicare Supplement Plans in New Mexico to help seniors navigate their health care options.

If you are looking for health insurance, you likely have questions about availability and cost. Here are some common questions from New Mexico residents about coverage in the state.