Bill > HB376

This bill amends the Medical Insurance Pool Act in New Mexico. The key provisions are: 1. It allows the New Mexico Insurance Pool Board to enter into contracts or participate in any health insurance-related program or initiative of the state. 2. It changes the terminology from "standard risk rate" to "average market rate" when determining the rates charged for pool coverage, which cannot exceed 150% of the average market rate. 3. It removes the specific income-based premium reductions for those with household incomes up to 399% of the federal poverty level, and instead requires the low-income premium rates to be no lower than the average subsidized rates available in the market at the same income level for a similar plan. 4. The effective date of these changes is July 1, 2023.

Budget and Finance, Business and Industry

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=376&year=23