View 2022 Premium Rates Instructions

2022 is a unique and exciting year for coverage affordability on the beWellnm Health Insurance Marketplace. The American Rescue Plan not only provides better premium assistance to those who historically qualified for beWellnm, it extends assistance to those who previously made too much to get assistance. This means that virtually everyone who shops for coverage on the Marketplace will benefit from Premium Tax Credits.

In addition, OSI has issued guidance that will provide consumers with many more low-cost Gold plans in than in past years. In fact, the lowest cost Gold options are on par with the price most consumers would have paid for Bronze plans in past years, after taking the Advance Premium Tax Credit into account. For example, in Las Cruces, a family of four making about $80,000 in 2021 would have to pay $133 for a Bronze plan. For plan year 2022, they could purchase a Gold plan, which offers much better coverage, for just $143. This is why it is important for consumers and producers/brokers to see how much their coverage costs after their Advance Premium Tax Credit is applied. For this reason, OSI strongly encourages everyone to wait until beWellnm launches its plan comparison tool on October 1st before making any coverage decisions about Plan Year 2022.

Below are examples of how much New Mexicans across the state will save, depending on their income.

Scenario 1: A family of 3 in Farmington – Annual Income: $53,000 (250% FPL)

Metal Monthly Premium 2021 Monthly Premium 2022 Premium Decrease
Bronze $0 $0 N/A
Silver $84 $22 74%
Gold $99 $0 100%

 

Scenario 2: A 30-year-old in Hobbs – Annual Income: $22,540 (175% FPL)

Metal Monthly Premium 2021 Monthly Premium 2022 Premium Decrease
Bronze $7 $0 100%
Silver $89 $0 100%
Gold $93 $0 100%

 

Scenario 3: An older couple in Santa Fe – Income: $90,000 (>400% FPL)

Metal Monthly Premium 2021 Monthly Premium 2022 Premium Decrease
Bronze $969 $61 94%
Silver $1,389 $550 60%
Gold $1,330 $311 77%

 

Scenario 4: A family of four in Las Cruces – Annual Income: $79,500 (300% FPL)

Metal Monthly Premium 2021 Monthly Premium 2022 Premium Decrease
Bronze $133 $0 100%
Silver $448 $374 17%
Gold $468 $143 69%

 

Scenario 5: A 50-year-old in Albuquerque – Annual Income: $25,760 (200% FPL)

Metal Monthly Premium 2021 Monthly Premium 2022 Premium Decrease
Bronze $6 $0 100%
Silver $136 $19 86%
Gold $120 $0 100%

 

NOTE: All premium scenarios are for the lowest cost option in each metal category.

Below are answers to questions OSI has heard from stakeholders. We are here to be a resource and encourage you to reach out if issues arise.

Silver rates appear to have gone up. Will this translate into higher premiums?

Because virtually every enrollee will now qualify for premium assistance, Advance Premium Tax Credits (APTC) will cover the rate change by increasing the level of subsidies available. In addition, because of the American Rescue Plan, Silver premiums will be lower than the last Open Enrollment Period.

What will these rates mean for older New Mexicans who don’t get subsidies?

Because of the ARP, the vast majority of New Mexicans who get their coverage on beWellnm will now qualify for assistance, including older adults. In the past, older enrollees who made too much to qualify for premium subsidies were hit with high premium costs. Now they will have their Silver premiums capped at 8.5% of their household income. For example, before the American Rescue Plan, a couple making $90,000 a year who are 64 and live in Santa Fe would have to pay $1,389 a month for a Silver plan. This year, they will only pay $550 a month – a 60% decrease. Lower cost Gold and Bronze options will also be available. This is why it is so important that anyone who qualifies for APTCs signs up through the Marketplace to claim their benefits.

Why are Gold plans less expensive than Silver plans?

OSI issued guidance earlier this year that has the effect of boosting the amount of assistance that is available to New Mexicans. Because of this increased assistance, Gold plans are less expensive than Silver plans in most cases. This will be especially beneficial for those over 250% FPL who do not qualify for Cost-Sharing Reductions and will also help those between 200-250% FPL who can find better Gold options than a Silver CSR plan at a lower price.

How to use the rate sheets:

  • Select the region where you live. If you do not smoke, select “non-smoker” and if you do smoke, select “Smoker.”
  • Find your age in the column on the far left.
  • View the rates that match up with your age to see the unsubsidized premium for the plans offered this year. These rates do not factor in Premium Tax Credits that reduce premiums for middle and lower income New Mexicans.

Region 1: Bernalillo, Sandoval, Torrance, Valencia
Region 2: San Juan
Region 3: Dona Ana
Region 4: Santa Fe
Region 5: Catron, Chaves, Cibola, Colfax, Curry, DeBaca, Eddy, Grant, Guadalupe, Harding, Hildalgo, Lea, Lincoln, Los Alamos, Luna, McKinley, Mora, Otero, Quay, Rio Arriba, Roosevelt, San Miguel, Sierra, Socorro, Taos, Union

2022 Health Insurance Rates (Download the rate files below:)
Phone: 1-855-4ASK-OSI (1-855-427-5674)
1120 Paseo de Peralta, Suite 428
Santa Fe, NM 87501