Over 36,000 employees of small businesses in New Mexico will benefit from increased health insurance savings starting July 1. The state is expanding its Small Business Premium Relief Initiative, raising premium discounts for Gold and Platinum-level health plans from 10% to 15%. Bronze and Silver plans will maintain a 10% discount.
"This program is working. We’re seeing real results, with small businesses seeing reduced costs and offering quality benefits to their employees," said Kari Armijo, cabinet secretary for the New Mexico Health Care Authority. "These expanded discounts mean more families will be able to access the care they need without breaking the bank."
The initiative targets businesses providing comprehensive coverage options and is funded by the Health Care Affordability Fund. Discounts apply to qualified plans through Blue Cross and Blue Shield of New Mexico, Presbyterian Health Plan, or UnitedHealthcare.
New Mexico aims to reduce its uninsured population of about 180,000 people, many of whom work for small businesses or are self-employed. The initiative is part of broader efforts to expand coverage and decrease the number of uninsured residents.
Established in 2021 by the New Mexico Legislature, the Health Care Affordability Fund helps lower insurance costs and improve access to care for small business employees and individuals needing assistance.
For more information on this initiative, visit: https://www.hca.nm.gov/small-business-health-insurance-premium-relief/.
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