Health Insurance

Best Cheap Health Insurance in New Mexico 2020

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New Mexico residents can find cheap health insurance on the state exchange or through Medicaid if your income qualifies. Finding your best health coverage may be difficult, as health plans and rates change by county.

In New Mexico, the average cost of a health plan is $364 per month for a 40-year-old for 2020. This is $48 cheaper, or a 12% decrease, as compared with the average rate in 2018.

To help you with your search, we analyzed all health insurance plans in the state and found that in every county besides Santa Fe, the Constant Care Silver 1 was the cheapest Silver policy in New Mexico. This may be the most affordable Silver plan in the majority of the state, but the best plan for you will depend on where you live, your financial situation and your coverage needs.

Cheapest health insurance by metal tier

We compared health insurance plans available in New Mexico by metal tier in order to aid you in your search for affordable health insurance policies. Plans and rates differ by county, so the policies below may not be available in your region. The table below should serve as a reference when determining the costs and benefits you can expect from a plan of that coverage tier.

Metal TierCheapest PlanDeductibleOut-of-Pocket MaximumMonthly Cost for a 40-Year-Old
CatastrophicCare Connect Catastrophic$8,150$8,150$255
BronzeCore Care Bronze 2$8,000$8,150$244
Expanded BronzeTrue Bronze$8,150$8,150$247
SilverConstant Care Silver 1$6,000$8,150$308
GoldConfident Care Gold 1$2,925$6,000$323

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A higher metal tier health plan will mean more expensive monthly premiums, but lower out-of-pocket costs. For example, the Core Care Bronze 2 plan has a minimum monthly premium of $244, which is $64 less per month than the cheapest Silver plan, Constant Care Silver 1. However, the Silver plan offers cheaper out-of-pocket costs with a deductible $2,000 lower than the Bronze plan.

Your monthly health insurance rates will also increase with age, regardless of a plan's metal tier. For example, a 40-year-old would pay 28% more on average than a 21-year-old in New Mexico for the same health coverage. This means a 40-year-old would pay $91 more per month on average for a Silver health plan.

Average Monthly Cost of Health Insurance Plans by Metal Tier in New Mexico

Finding your best health insurance coverage in New Mexico

The best health insurance plan for your needs will vary depending on the policies available in your county, as well as your financial situation. Higher metal tier health plans, like Gold policies, typically have the most expensive premiums, but also affordable out-of-pocket expenses, like deductibles, copays and coinsurance.

This means if you have high recurring medical costs, like prescriptions, or think you may need medical care, a higher metal tier plan may be the best option for you. On the other hand, if you are young, healthy and have no expected medical costs — and can cover the higher cost-sharing — a lower metal tier policy may be the choice for you.

Gold Plans: Best for high expected medical costs

If you use or expect to use your insurance often, Gold plans are typically the lowest net cost, since they have smaller deductibles and copays. Usually, the monthly premium you can expect to pay for a Gold plan will be the highest, but the average monthly premiums on a Gold plan are actually lower than the average monthly premiums on a Silver plan in New Mexico.

Ultimately, Gold plans are best if you have high expected medical costs, such as chronic conditions that may require constant medical attention, or are concerned about being able to pay out of pocket for an unexpected condition.

Silver Plans: Best for those with low income or average medical costs

Silver plans usually provide the best health coverage options for those looking for a good balance in terms of costs and benefits. However, Silver plans have the highest average monthly premiums in New Mexico if you don't qualify for premium subsidies, because of cost-sharing reduction (CSR) subsidies, which are no longer funded by the federal government.

If you are part of a lower-income household, you may qualify for CSR subsidies with a Silver health plan, which would further lower your out-of-pocket expenses. Typical Silver plans cover about 70% of your health care costs, while you pay 30%, but under CSR subsidies, you could qualify for a Silver plan that covers up to 94% of your health care costs.

Bronze and Catastrophic Plans: Best for young, healthy people

Catastrophic and Bronze plans typically have lower-cost premiums compared with Silver and Gold plans. However, you must be under 30 or qualify for an exemption to purchase a Catastrophic plan. And these cheap policies come with lower coverage, meaning higher out-of-pocket costs.

So, if you need medical care during the year, you would have to pay more money yourself in deductibles and copays before the policy provides coverage. We wouldn't recommend these policies unless you can afford the higher deductibles, copays and coinsurance in the case of a medical emergency.

Expanded Bronze plans are a new plan tier that was introduced this year. This tier extends a typical Bronze plan, which may cover about 60% of your health care costs, to cover up to about 65% of your costs.

Best cheap health insurance companies in New Mexico

New Mexico residents have more health insurance options compared with consumers in most of the country, because insurers are required by the state to offer at least one plan in Silver and Gold metal tiers statewide. There are currently four health insurance companies on the New Mexico state exchange:

New Mexico Health Insurance Companies

  • Blue Cross Blue Shield of New Mexico
  • Molina Healthcare of New Mexico, Inc.
  • New Mexico Health Connections
  • True Health New Mexico, Inc.

In most of the state, Molina offered the cheapest Silver health plan — Constant Care Silver 1. The only exceptions was Santa Fe County, in which True Health had the most affordable Silver policy.

Cheapest health insurance plan by county

Although the state requires insurers are mandated to offer a plan at both the Silver and Gold metal tiers throughout the state, plans and pricing may still differ by county. To help you get started on your search for your best health plan, we identified the most affordable Silver health insurance policies available on the New Mexico exchange by county.

Below you can find the Silver policy with the cheapest monthly rate for your county, as well as sample premiums for an individual, couple and family of three.

CountyCheapest Silver PlanSingle Adult, Age 40Couple, Age 40Couple, Age 40, plus Child
BernalilloConstant Care Silver 1$308$615$799
CatronConstant Care Silver 1$350$699$908
ChavesConstant Care Silver 1$350$699$908
CibolaConstant Care Silver 1$350$699$908
ColfaxConstant Care Silver 1$350$699$908
CurryConstant Care Silver 1$350$699$908
De BacaConstant Care Silver 1$350$699$908
Dona AnaConstant Care Silver 1$314$628$816
EddyConstant Care Silver 1$350$699$908
GrantConstant Care Silver 1$350$699$908
GuadalupeConstant Care Silver 1$350$699$908
HardingConstant Care Silver 1$350$699$908
HidalgoConstant Care Silver 1$350$699$908
LeaConstant Care Silver 1$350$699$908
LincolnConstant Care Silver 1$350$699$908
Los AlamosConstant Care Silver 1$350$699$908
LunaConstant Care Silver 1$350$699$908
McKinleyConstant Care Silver 1$350$699$908
MoraConstant Care Silver 1$350$699$908
OteroConstant Care Silver 1$350$699$908
QuayConstant Care Silver 1$350$699$908
Rio ArribaConstant Care Silver 1$350$699$908
RooseveltConstant Care Silver 1$350$699$908
San JuanConstant Care Silver 1$326$651$846
San MiguelConstant Care Silver 1$350$699$908
SandovalConstant Care Silver 1$308$615$799
Santa FeTrue Silver$342$684$888
SierraConstant Care Silver 1$350$699$908
SocorroConstant Care Silver 1$350$699$908
TaosConstant Care Silver 1$350$699$908
TorranceConstant Care Silver 1$308$615$799
UnionConstant Care Silver 1$350$699$908
ValenciaConstant Care Silver 1$308$615$799

Average cost of health insurance by family size in New Mexico

The number of people covered by a health plan and their ages are important factors that determine the cost of health insurance for your family. The average monthly health insurance cost for a family of three, assuming two 40-year-old parents and a child on a Silver plan, is $1,091 in New Mexico.

If you were to add an additional child to the plan, the monthly premium would increase by $251. So for a family of four, including two children, the total monthly health insurance cost would be $1,342.

Family SizeAverage Monthly Cost of Health Plan
Individual + Child$671
Couple Age 40$839
Family of three (Adult couple and a child)$1,091
Family of four (Adult couple and two children)$1,342
Family of five (Adult couple and three children)$1,593
Adults are assumed to be 40 years old. Sample rates are based on the average cost for a Silver plan in New Mexico.

Adding children to your health insurance plan will cost a flat rate for coverage until they are 15. However, once the child turns 15, the monthly rate will increase as they grow older.

Health insurance rate changes in New Mexico

The average cost of a 2020 health insurance policy is 12% lower than two years ago in New Mexico. For a 2018 plan, the average rate was $48 per month higher for a 40-year-old adult.

Bronze plans saw the largest rate decrease over this period — 20% lower on average in the state. For expanded Bronze plans, which had the largest price increase, the mean rate only rose by 2% within New Mexico.

Metal Tier2018 Premium2020 Premium% Change
Catastrophic$324$3260.51%
Bronze$404$322-20.35%
Expanded Bronze$298$3042.13%
Silver$480$420-12.56%
Gold$452$395-12.67%
Rates are based on a 40-year-old adult.

Methodology

The health insurance premium and policy information used in ValuePenguin's analysis were sourced from the Centers for Medicare & Medicaid Services (CMS) government website. ValuePenguin determined the average rates in New Mexico by metal tier, family size and county by referencing cost data from CMS's Public Use Files (PUF).

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.