What are the Best Health Insurance Options in New Mexico?
A health insurance policy is a renewable contract between an insurance provider and an individual or his/her sponsor. The contract describes benefits and the health care cost covered by the insurance provider. Health insurance pays for medical and surgical expenses incurred by the insured. The New Mexico insurance carriers include Molina Health Care, New Mexico Health Connections, Presbyterian, CHRISTUS Health Plan and Blue Cross Blue Shield of New Mexico.
Molina Health Care of New Mexico
Molina Health Care, a Fortune 500 company, was founded by Dr. C. David Molina in 1980. It provides healthcare services through Medicaid, Medicare and the Health Insurance Marketplace in New Mexico. They help remove financial barriers to quality care and keep member’s out-of-pocket cost to a minimum.
New Mexico Health Connections (NMHC)
New Mexico Health Connections is a non-profit health plan. It was built by New Mexicans offering a wide range of affordable health plans for individuals and families in New Mexico. As a non-profit health plan is committed to improving health for New Mexicans. Any profits are reinvested to improve the quality of health care delivered to members. NMHC is a consumer-oriented, consumer-operated health plan. The members have the opportunity to serve on the Board of Directors and advice on benefit design, premium structure, and the provider network.
Presbyterian Health Plan
Presbyterian Insurance Company and Presbyterian Health Plan are owned by Presbyterian Healthcare Services, which is the state's largest private healthcare system. They are a non-profit chain of hospitals, a health plan, and a growing medical group. They are completely committed to improving the health of individuals, families, and communities throughout New Mexico.
CHRISTUS Health Plan
CHRISTUS is a Texas-based non-profit organization focused on providing affordable health insurance to individuals in New Mexico. CITRUS Health Plan offers simple and affordable health insurance plans for individuals, families, and retirees. They provide access to the best hospitals and doctors. By shared medical records, CITRUS Health Plan provides faster care with less paperwork.
Blue Cross Blue Shield of New Mexico
This is a part of Illinois-based non-profit Health Care Service Corporation a licensee of Blue Cross Blue Shield Association. It is committed to making healthcare more affordable and accessible. Their health insurance coverage includes Comprehensive medical plan, Dental insurance, Medicare and Medicaid.
Individual and family coverage is also called comprehensive or major medical. It covers a wide range of services like emergency services, hospitalization, maternity, newborn and pediatric care. It also covers laboratory services, prescription drugs, and rehabilitation services. It lasts longer than a year, and it is renewable in most cases. Their plan is divided into Bronze, Silver, and Gold depending on the premium and out-of-pocket cost.
Dental insurances plan covers a part of the dental plan. It can cover both basic dental hygiene as well as a wide range of dental services. It can be bought as part of your longer-term plan or stand-alone dental plan.
Medicare is a federal health insurance program designed specifically for people aged 65 or older, or people under 65 with certain disabilities or illnesses. It has four basic parts that help with health care costs. The first two parts hospital coverage and medical coverage do not cover everything. The policyholder has to buy Medicare Advantage and drug coverage from a private health insurance company.
Medicaid and Children’s Health Insurance Program (CHIP) is based on one’s household size and income. The policyholder may be able to get low- or no-cost health coverage through a government program such as Medicaid or CHIP. It can be applied for, any time of the year and the coverage starts immediately.
In 2018, New Mexico made a cost analysis for the Medicaid buy-in program. The idea was to determine the pros and cons, as well as the cost of allowing the New Mexico residents to purchase Medicaid. They are further along in the process than any other state in the US.