New Mexico Small Business Health Insurance Plans and Resources

As a small business owner in New Mexico, finding the right health insurance plan can be a daunting task. You have several options to consider, including the New Mexico Health Insurance Exchange, which offers a range of plans from leading insurance companies.

The New Mexico Health Insurance Exchange is a great resource for small business owners, offering plans that meet the Affordable Care Act's minimum essential coverage requirements. These plans can help you provide your employees with essential health benefits, including preventive care, hospitalization, and prescription medication coverage.

In New Mexico, the small group market is defined as businesses with 2-50 employees, and the large group market is defined as businesses with 51 or more employees. This distinction can impact the types of plans and coverage options available to your business.

New Mexico offers small businesses a range of choices when it comes to providing health benefits to their employees. The most cost-effective option is often a traditional health insurance group plan, which can cost an average of $22,094 per year for a family plan.

The cost of a group health plan varies by age, but prices are generally higher for older employees. In New Mexico, employee contributions to health insurance can be substantial, with an average of over $6,300 per year.

Here are the 10 standardized essential benefits that all qualifying plans must offer, as mandated by the ACA:

New Mexico also mandates additional benefits, such as clinical trials, diabetes care management, and hearing aids for children, which exceed ACA requirements.

New Mexico small businesses have a range of options for providing health benefits to their employees. In fact, a traditional health insurance group plan is the most cost-effective option.

The cost of a group health plan sponsored by an employer can vary by age, but according to statistics from the Kaiser Family Foundation in 2021, the average cost for a worker with a family was $22,094, or $700 over the average.

New Mexico employees contribute significantly to their health insurance, with an average contribution of over $6,300, approximately $160 above the average.

If you're a small business owner in New Mexico, you're not limited to traditional health insurance plans. You can also consider alternative options like Health Savings Accounts, Healthcare Reimbursement Arrangements (HRAs), Direct Primary Care Memberships, and health-sharing programs to help reduce costs.

All qualifying health plans must offer 10 standardized essential benefits, including:

These essential benefits are a minimum standard for all qualifying plans, and some states may require additional benefits.

In New Mexico, small businesses can get health reimbursements through HRAs, which are tax-free benefits funded by employers that reimburse employees for their individual health care costs.

HRAs allow employees to benefit from available subsidies, further reducing net costs for both the employee and company. Employees can access their HRA benefits if any money remains after the payment of premiums, including prescriptions for durable medical equipment and prescriptions.

New Mexico mandates additional benefits that exceed ACA requirements, including clinical trials, diabetes care management, emergency transportation/ambulance, hearing aids for children, outpatient surgery, post-mastectomy care, and TMJ Disorder treatment.

If you own a small business in New Mexico, you can purchase qualifying coverage for your employees through Be Well New Mexico for Small Business Owners, the state's SHOP exchange, or through a private broker or insurance agent.

Here are some options for small businesses in New Mexico to consider:

These options can help reduce costs, but the best option will vary depending on factors such as the size of your firm, budget, and employees' age and medical needs.

PPO Health Insurance Plans are a popular choice for small businesses in New Mexico. They offer flexibility in choosing healthcare providers and services.

PPO stands for Preferred Provider Organization, and these plans allow members to visit any doctor or hospital, both in-network and out-of-network.

The cost of PPO plans varies depending on the employer's contribution and the insurance company's rates.

Here are some key benefits of PPO plans:

In New Mexico, traditional health group plans are the most commonly chosen option for employers, but they're also the most costly.

Employers with at least 50 employees must offer ACA qualified health insurance to employees who work over 30 hours a week, or face a fine.

The Affordable Care Act requires employers to provide minimum essential coverage (MEC), which includes 10 essential health benefits.

Here are the MEC benefits:

One benefit of traditional health insurance is guaranteed enrollment, meaning workers can't be denied coverage due to medical issues.

The tax exemption is available to both employees and employers, providing a financial incentive for businesses to offer group health insurance.

New Mexico's unique geography plays a significant role in choosing the right small business health insurance. New Mexico has a mix of urban and rural areas, which can impact how you distribute your workforce.

Considering the state's low unemployment rates, it's an attractive place for employers to find talented employees. This can make it challenging to choose a health insurance plan that meets the needs of all employees, regardless of their location.

Business owners in Albuquerque may need to think carefully about choosing an HMO, as it may restrict employees in Moriarty from seeing out-of-network doctors.

New Mexico's geography plays a significant role in determining the best health insurance options for small businesses. The state has both urban and rural areas, with cities like Albuquerque and Santa Fe contrasting with more remote places like Chama and Alamogordo.

Business owners need to carefully consider how to distribute their workforce throughout the state. Executives in Albuquerque may not be able to justify choosing an HMO that restricts employees to only seeing doctors in their network when many workers live in Moriarty and have jobs there.

New Mexico's low unemployment rates make it an attractive place for employers to find talent. This means that businesses must be strategic in their hiring and insurance decisions to remain competitive.

In New Mexico, employer contributions towards employee health insurance premiums are tax deductible, and employees don't pay taxes on them.

Traditional health insurance premiums are tax deductible for employers and non-taxable for employees.

Health reimbursement arrangements are also tax deductible for employers and non-taxable for employees.

Employer contributions towards Health Savings Accounts (HSAs) are tax deductible in New Mexico, and employees can make pre-tax contributions up to certain limits.

Here's a breakdown of how different plan types are taxed in New Mexico:

Small businesses with up to 25 full-time equivalent employees may qualify for a tax credit of up to 50% of their health insurance costs.

If you have 50 or more full-time employees, you'll face monthly penalties if you don't offer minimum essential coverage and at least one employee uses a premium tax credit to get health insurance through the state exchange.

You won't be subject to these penalties if you have fewer than 50 employees.

Starting January 1, 2015, you can expect these penalties to apply if you don't meet the requirements.

Employers with 50 or more full-time equivalents who don't offer minimum essential coverage can face monthly penalties.

This is a key consideration for businesses with a large workforce, as it can have a significant impact on your bottom line.

In New Mexico, small business owners have several options for providing health insurance to their employees. If you own a small business with 50 or fewer full-time-equivalent employees, you can purchase qualifying coverage through Be Well New Mexico for Small Business Owners, the state's SHOP exchange, or through a private broker or insurance agent.

For small businesses with less than or equal to 50 full-time staff members, the Qualified Small Employee Health Reimbursement Agreement (QSEHRA) is an option. This allows businesses to contribute up to $5,850 to individual employees and up to $11,800 to employees with families for health insurance premiums and medical expenses.

You can also purchase individual and family coverage from participating private insurers through Be Well New Mexico, the state-run exchange. This is an option for self-employed individuals with no employees, as well as those who may be entitled to certain state and federal programs such as Medicaid, CHIP, or Medicare.

Here are some key details about QSEHRA contributions in New Mexico:

New Mexico has a number of plans that cover maternity services, such as prenatal care, labour, and postnatal treatment.

Some plans in New Mexico restrict how much a child’s cost-sharing benefits can be shared if they were conceived out of marriage.

New Mexico has health insurance and health-sharing plans that cover maternity services, so it's worth exploring these options if you're expecting a child.

There are plans in New Mexico that cover maternity services, including prenatal care, labour, and postnatal treatment, but the specifics of coverage may vary.

HSA-Qualified plans are typically PPO plans designed specifically for use with Health Savings Accounts (HSAs). An HSA is a special bank account that allows participants to save money – pre-tax – to be used specifically for medical expenses in the future.

Section 105 Healthcare Reimbursement Plans (HRPs) are often used in place of HSAs due to their advantages for employers.

Eligibility for individual HSA-qualified plans is subject to medical underwriting. If you are denied coverage for a medical condition, you may be eligible for AHIP or PCIP.

If you're a small business owner in New Mexico, you're in luck because there are several resources available to help you navigate the world of health insurance. New Mexico Health Insurance Coverage offers group plans with a maximum 6-month look-back/12-month exclusionary period for pre-existing conditions on enrollees without prior coverage.

One option is to offer traditional small business health insurance coverage, which can be a great way to provide your employees with comprehensive health benefits. However, it's essential to evaluate the costs and benefits of this option carefully.

For businesses with fewer than 50 employees, you can consider a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA), which allows you to reimburse your employees for individual health insurance coverage. This can be a cost-effective option, especially if you have employees who are already purchasing individual health insurance plans.

New Mexico also has specific rules and regulations regarding health insurance, so it's crucial to stay informed about the latest developments. For example, employers with fewer than 50 employees are eligible for QSEHRAs, while employers with over 50 employees may be eligible for other types of HRAs.

Here are some key statistics to keep in mind when evaluating your health insurance options:

These statistics illustrate the average premium costs for different types of health insurance plans in New Mexico. Keep in mind that these costs can vary depending on your specific business needs and circumstances.

Finally, don't forget to consult with a Personal Benefits Specialist or other expert to help you navigate the complex world of health insurance. They can provide valuable guidance and support as you make informed decisions about your business's health insurance options.

You can get online health insurance quotes through Be Well New Mexico, the state-run exchange. This is a great resource for New Mexico residents who want to compare different plans and find the best fit for their needs.

Be Well New Mexico offers individual and family coverage from participating private insurers, which is a big plus for self-employed individuals or those who don't have access to group coverage through their employer.

If you're self-employed with no employees, you can use the state exchange to purchase coverage, which is a convenient option.

You may also be entitled to certain state and federal programs such as Medicaid or CHIP, depending on your income and family size.

Be Well is a state-run exchange in New Mexico that provides access to health insurance plans for individuals and groups. It's a great resource for small business owners and self-employed individuals.

If you own a small business in New Mexico with 50 or fewer full-time-equivalent employees, you can purchase qualifying coverage for your employees through Be Well New Mexico. This can help you save on costs and provide your employees with affordable health insurance options.

Be Well New Mexico offers tax credits worth up to 50% of your premium costs, making it an attractive option for small business owners. This can be a huge cost savings for your business.

Here are some key facts about Be Well New Mexico:

Be Well New Mexico is a valuable resource for New Mexico residents who need health insurance. It's worth exploring to see if it's right for you.