NEW MEXICO ANNOUNCES SIGNIFICANT RATE INCREASES FOR 2026 ACA PLANS, STATE PREMIUM SUPPORT WILL CONTINUE TO HELP ENROLLEES WITH COSTS

Santa Fe, NM – The New Mexico Office of the Superintendent of Insurance (OSI) has approved 2026 rates for individual market Affordable Care Act (ACA) plans sold on and off BeWell, the New Mexico Health Insurance Marketplace, with an average increase of 35.7%. Today, 75,000 New Mexicans buy health insurance through BeWell and 88% of enrollees qualify for federal and state premium assistance. While it appears that Congress will allow enhanced federal Premium Tax Credits to expire, New Mexico’s Health Care Affordability Fund (HCAF) will cover the loss of the enhanced premium tax credits for households with income under 400% of the Federal Poverty Level (or $128,600 for a family of four), providing up to $68 million in premium relief for working families who enroll in coverage through BeWell in 2026. Federal and state premium assistance will continue to reduce the impact of the rate increases.

There are currently 75,000 New Mexicans enrolled in health and/or dental insurance through BeWell. Today, more than 50% of those customers are paying less than $10 a month for coverage thanks to federal and state subsidies only available through the marketplace.

“State insurance regulators across the country are grappling with rising health insurance costs,” said Superintendent of Insurance Alice Kane. “The OSI team rigorously reviewed rate requests to ensure they were fair and actuarially justified. These rate increases are consistent with the national trends of increased medical and prescription drug costs as well as high use of health care services. Fortunately, New Mexico had the foresight to prepare for the loss of federal premium support by providing state funds to shield most consumers.”

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NEW MEXICO ANNOUNCES SIGNIFICANT RATE INCREASES FOR 2026 ACA PLANS, STATE PREMIUM SUPPORT WILL CONTINUE TO HELP ENROLLEES WITH COSTS (PDF)