Health Insurance

Best Cheap Health Insurance in New Mexico 2021

Best Cheap Health Insurance in New Mexico 2021

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In New Mexico, the average cost of health insurance across all metal tiers is $350 per month for a 40-year-old. The cheapest health insurance in New Mexico for most people is the Constant Care Silver 1 plan, which is the most affordable Silver plan in all but one of the state's counties. Otherwise, the Friday Silver plan is the cheapest option in Santa Fe County, according to our analysis.

Select a plan tier to learn more:

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

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 each coverage tier.

Metal tier
Cheapest plan
Maximum out-of-pocket
Monthly cost for a 40-year-old
CatastrophicFriday Catastrophic$8,550$8,550$211
BronzeFriday Bronze$8,550$8,550$219
Expanded BronzeFriday Bronze Plus$8,550$8,550$231
SilverConstant Care Silver 1$6,100$8,500$313
GoldFriday Gold$2,300$8,250$301

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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 Friday Bronze plan has a monthly premium of $219, which is $94 less per month than the cheapest Silver plan, the Constant Care Silver 1. However, the Silver plan offers cheaper out-of-pocket costs with a deductible of $0.

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 $89 more per month on average for a Silver health plan.

Cheapest health insurance companies 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 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.

The cheapest Gold plan in New Mexico is the Friday Gold. Compare all tiers in New Mexico above.

Silver plans: Best for those with low incomes 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 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.

The cheapest Silver plan in New Mexico is the Constant Care Silver 1. Compare all tiers in New Mexico above.

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. You also cannot use a premium tax credit to reduce the cost of a Catastrophic health care plan.

These cheap policies come with lower coverage, meaning higher out-of-pocket costs. So, if you need medical care during the year, you have to pay more money yourself in deductibles and copays before the policy provides coverage. We don'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.

The cheapest Bronze plan in New Mexico is the Friday Bronze. The cheapest Catastrophic plan is the Friday Catastrophic. Compare all tiers in New Mexico above.

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 the Silver and Gold metal tiers statewide. There are currently five health insurance companies on the New Mexico state exchange:

New Mexico health insurance companies

  • Molina Healthcare
  • Ambetter from Western Sky Community Care
  • True Health New Mexico
  • Blue Cross and Blue Shield of New Mexico
  • Friday Health Plans

In most of the state, Molina offers the cheapest Silver health plan — the Constant Care Silver 1. The only exception is Santa Fe County, in which the Friday Silver is the most affordable Silver policy.

Cheapest health insurance plan by county

Although 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.

Cheapest Silver plan
Single adult, age 40
Couple, age 40
Couple, age 40, plus child
BernalilloConstant Care Silver 1$313$625$812
CatronConstant Care Silver 1$354$708$920
ChavesConstant Care Silver 1$354$708$920
CibolaConstant Care Silver 1$354$708$920
ColfaxConstant Care Silver 1$354$708$920
CurryConstant Care Silver 1$354$708$920
De BacaConstant Care Silver 1$354$708$920
Dona AnaConstant Care Silver 1$326$653$848
EddyConstant Care Silver 1$354$708$920
GrantConstant Care Silver 1$354$708$920
GuadalupeConstant Care Silver 1$354$708$920
HardingConstant Care Silver 1$354$708$920
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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 $1,062 in New Mexico.

If you were to add an additional child to the plan, the monthly premium would increase by $245. So for a family of four, including two children, the total monthly health insurance cost would be $1,307.

Family size
Average cost
Individual plus child$653
Couple, age 40$817
Family of three (adult couple and a child)$1,062
Family of four (adult couple and two children)$1,307
Family of five (adult couple and three children)$1,551

Adults are assumed to be 40 years old, and children are no older than 14. Sample rates are based on the average cost of 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 health insurance in New Mexico is 4% lower than it was in 2020. In turn, the cost of health insurance across each metal tier dropped in the last year.

Bronze plans saw the largest rate decrease over this period — 17% lower on average in the state. The cost of Expanded Bronze plans dropped, but only by 1% — the lowest rate change of any plan tier.

Metal tier
2020 premium
2021 premium
Expanded Bronze$304$300-1%

Rates are based on a 40-year-old adult.

Recap of the best cheap health insurance in New Mexico

  • Catastrophic: Friday Catastrophic
  • Bronze: Friday Bronze
  • Expanded Bronze: Friday Bronze Plus
  • Silver: Constant Care Silver 1
  • Gold: Friday Gold

Frequently asked questions

What is the average cost of health insurance in New Mexico?

The average cost of health insurance in New Mexico in 2021 is $350 for a 40-year-old. However, health insurance costs may vary depending on the metal tier of coverage, where you live and your age.

Which company has the most affordable health insurance in New Mexico?

In New Mexico, the cheapest company for most health insurance plans is Friday Health Plans. But there are a variety of companies to choose from when searching on the marketplace, including Ambetter, True Health and Molina Healthcare.

How do I get cheap health insurance in New Mexico?

When shopping for a health insurance policy in New Mexico, the best way to get an affordable plan is to compare policies from multiple health insurance companies. By comparing, you will be able to understand which companies in your area offer the cheapest coverage. Furthermore, you will be able to evaluate these prices based on your individual health care needs.


The health insurance premium and policy information used in ValuePenguin's analysis was 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 the CMS 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.