New Mexico Health Insurance Exchange
New Mexico has a State Health Insurance Exchange but it has asked the federal government to provide computer support necessary for the mandatory online insurance exchange program. This hybrid approach is not like most other states.
“We opted for a hybrid model, where New Mexico will stand up for the SHOP Exchange for small employers and rely on the feds for the individual Exchange,” said Mike Nunez, who is the CEO of the New Mexico Health Insurance Exchange. “We will implement this hybrid model for 2014 and move toward a full state-based exchange in 2015.”
Earlier this month the state launched a new web site for the New Mexico Health Insurance Exchange. Both individuals and small employers can use the web site to shop for insurance, Nunez says. “Behind the portal, New Mexico will administer the SHOP, and the feds will administer the individual Exchange.”
Over 450,000 of New Mexico’s 2.1 million residents currently have no health insurance, and about 83,000 New Mexico residents are expected to buy their health insurance through the Marketplace. Medicaid expansion is expected to extend coverage to 90,000 New Mexicans.
Five insurance companies have applied to sell health insurance through the Exchange (all pending review):