Find the Cheapest Health Insurance Quotes in Your Area
New Mexico residents can find cheap health insurance on the state exchange or through Medicaid if your income qualifies. Finding the best health coverage may be difficult, as health plans and rates change by county. To help you with your search, we analyzed all health insurance plans in the state and found that in all but two counties the Care Connect Silver 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 the best cheap health insurance policy. 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 Tier||Cheapest Plan||Deductible||Out-of-Pocket Maximum||Monthly Cost for a 40-Year-Old|
|Catastrophic||New Mexico Catastrophic S||$7,350||$7,350||$241.25|
|Bronze||Care Connect HDHP Bronze||$6,7650||$6,650||$293.16|
|Expanded Bronze||Molina Marketplace Bronze||$6,400||$7,350||$258.42|
|Silver||New Mexico Silver HD||$5,000||$6,000||$380.71|
|Gold||Molina Marketplace Gold||$3,800||$7,350||$330.59|
A higher metal tier health plan will mean more expensive monthly premiums, but lower out-of-pocket costs. For example, the Care Connect HDHP Bronze plan has a minimum monthly premium of $293, which is $88 less per month than the cheapest Silver plan, New Mexico Silver HD. However, the Silver plan offers cheaper out-of-pocket costs with a deductible $1,650 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 $104 more per month on average for a Silver health plan.
Finding the 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.
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 to 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 to 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
- CHRISTUS Health Plan
- Molina Healthcare of New Mexico Inc.
- New Mexico Health Connections
In most of the state, New Mexico Health Connections offered the cheapest Silver health plan—Care Connect Silver. The only exceptions were San Juan and Santa Fe counties, in which Molina Healthcare and CHRISTUS had the most affordable Silver policies, respectively.
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 the 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.
|County||Cheapest Silver Plan||Single Adult, Age 40||Couple, Age 40||Couple, Age 40, plus Child|
|Bernalillo||Care Connect Silver||$388||$777||$1,009|
|Catron||Care Connect Silver||$442||$883||$1,147|
|Chaves||Care Connect Silver||$442||$883||$1,147|
|Cibola||Care Connect Silver||$442||$883||$1,147|
|Colfax||Care Connect Silver||$442||$883||$1,147|
|Curry||Care Connect Silver||$442||$883||$1,147|
|De Baca||Care Connect Silver||$442||$883||$1,147|
|Dona Ana||Care Connect Silver||$425||$850||$1,104|
|Eddy||Care Connect Silver||$442||$883||$1,147|
|Grant||Care Connect Silver||$442||$883||$1,147|
|Guadalupe||Care Connect Silver||$442||$883||$1,147|
|Harding||Care Connect Silver||$442||$883||$1,147|
|Hidalgo||Care Connect Silver||$442||$883||$1,147|
|Lea||Care Connect Silver||$442||$883||$1,147|
|Lincoln||Care Connect Silver||$442||$883||$1,147|
|Los Alamos||Care Connect Silver||$442||$883||$1,147|
|Luna||Care Connect Silver||$442||$883||$1,147|
|McKinley||Care Connect Silver||$442||$883||$1,147|
|Mora||Care Connect Silver||$442||$883||$1,147|
|Otero||Care Connect Silver||$442||$883||$1,147|
|Quay||Care Connect Silver||$442||$883||$1,147|
|Rio Arriba||Care Connect Silver||$442||$883||$1,147|
|Roosevelt||Care Connect Silver||$442||$883||$1,147|
|San Juan||Molina Marketplace Silver||$424||$848||$1,102|
|San Miguel||Care Connect Silver||$442||$883||$1,147|
|Sandoval||Care Connect Silver||$388||$777||$1,009|
|Santa Fe||New Mexico Silver HD||$381||$761||$989|
|Sierra||Care Connect Silver||$442||$883||$1,147|
|Socorro||Care Connect Silver||$442||$883||$1,147|
|Taos||Care Connect Silver||$442||$883||$1,147|
|Torrance||Care Connect Silver||$388||$777||$1,009|
|Union||Care Connect Silver||$442||$883||$1,147|
|Valencia||Care Connect Silver||$388||$777||$1,009|
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 $1,247 in New Mexico. If you were to add an additional child to the plan, the monthly premium would increase by $287. So for a family of four, including two children, the total monthly health insurance cost would be $1,535.
|Family Size||Average Monthly Cost of Health Plan|
|Family of three (Adult couple and a child)||$1,247|
|Family of four (Adult couple and two children)||$1,535|
|Family of five (Adult couple and three children)||$1,822|
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.