Health Insurers in New Mexico To Implement Record-High Premium Increases

Insurance superintendent says premiums are spiking because not enough people are signing up for coverage

Health insurers in New Mexico are increasing premiums at the highest rate seen in the four-year history of the state’s exchanges, the Albuquerque Journal reported.

Insurers will increase premiums next year from a range of 36 to 41 percent for midlevel insurance plans. For all plans, premiums are expected to rise a range of 17 to 49 percent.

Sixty percent of consumers in New Mexico will qualify for subsidies to lower the cost of the increasing premium.

“I feel sorry for the other 40 percent though,” said John Franchini, the state’s insurance superintendent. “Forty percent have to pay the full brunt of the rate increases…”