Over 36,000 employees of small businesses in New Mexico will experience increased savings on health insurance this summer as the state expands its premium discount initiative. Starting July 1, the Small Business Premium Relief Initiative will enhance premium discounts for Gold and Platinum-level health plans from 10% to 15%. Discounts for Bronze and Silver-level plans will remain at 10%.
"This program is working. We’re seeing real results, with small businesses seeing reduced costs and offering quality benefits to their employees," stated 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 enhanced discounts are designed for businesses providing comprehensive coverage options to employees and are funded by the state’s Health Care Affordability Fund.
Eligible businesses can obtain these premium discounts through qualified health plans offered by Blue Cross and Blue Shield of New Mexico, Presbyterian Health Plan, or UnitedHealthcare.
This initiative aligns with New Mexico's ongoing efforts to decrease its uninsured population, which currently stands at approximately 180,000 individuals. Many of these individuals work for small businesses or are self-employed. Having health insurance is linked to better health outcomes, especially in managing chronic conditions and avoiding expensive emergency care.
The Small Business Premium Relief Initiative aims to expand coverage and reduce the number of uninsured families and individuals in New Mexico. The Health Care Affordability Fund was established by the New Mexico Legislature in 2021 to help lower health insurance costs and improve access to care for small business employees who might not afford coverage otherwise.
For more information about this initiative, small businesses can visit: https://www.hca.nm.gov/small-business-health-insurance-premium-relief/.
