New Mexico boosts health insurance savings for small businesses
State increases premium discounts to 15% for Gold and Platinum plans starting July 1
SANTA FE — Over 36,000 New Mexicans employed by small businesses will see bigger savings on health insurance starting this summer, as the state expands premium discounts that are already helping more than 4,100 small businesses provide affordable coverage.
Beginning July 1, New Mexico’s Small Business Premium Relief Initiative will offer 15% premium discounts for Gold and Platinum-level health plans, up from the current 10% discount. Bronze and Silver-level health insurance plans will continue to benefit from the 10% discount on premiums.
“This program is working. We’re seeing real results, with small businesses seeing reduced costs and offering quality benefits to their employees,” said Kari Armijo, cabinet secretary for the New Mexico Health Care Authority. “These expanded discounts mean more families will be able to access the care they need without breaking the bank.”
The enhanced discounts target businesses that provide more comprehensive coverage options to their employees. The initiative is funded by the state’s Health Care Affordability Fund.
Premium discounts are available to businesses that enroll employees in qualified small business health plans through Blue Cross and Blue Shield of New Mexico, Presbyterian Health Plan, or UnitedHealthcare.
The expansion comes as New Mexico continues working to reduce its uninsured population of about 180,000 people — many of whom work for small businesses or are self-employed. Health insurance coverage is strongly linked to better health outcomes, particularly in managing chronic conditions and avoiding costly emergency care.
The Small Business Premium Relief Initiative is part of the state’s efforts to expand coverage and reduce the number of uninsured families and individuals living and working in New Mexico. The New Mexico Legislature established the Health Care Affordability Fund in 2021 to help reduce health insurance costs and expand access to care for small business employees and working individuals who cannot afford coverage without assistance.
Small businesses can find more information about this premium relief initiative at: https://www.hca.nm.gov/small-business-health-insurance-premium-relief/.
