SANTA FE, N.M. — The New Mexico Office of the Superintendent of Insurance has approved an average 24.4% increase in health insurance premiums for plans sold through the state’s BeWell Health Insurance Marketplace.
The increase will take effect Jan. 1, 2027, and follows requests from insurance companies citing higher medical costs and inflation.
State officials said the approved increase exceeds the national median premium increase of about 15%, but noted that New Mexico’s marketplace premiums have historically remained below or near national averages.
Insurance Superintendent Alice Kane said rising health care costs continue to affect consumers across the country.
According to the Office of the Superintendent of Insurance, additional factors contributing to the increase include New Mexico’s broad health coverage requirements and policies that prohibit insurers from requiring prior authorization for behavioral health services covered through BeWell plans.
Despite the higher premiums, officials say most enrollees will continue to receive financial assistance. Approximately 92% of the marketplace’s roughly 80,000 enrollees qualify for state or federal subsidies that help reduce monthly insurance costs.
State lawmakers also moved earlier this year to replace federal tax credits that expired at the end of 2025, helping many residents maintain lower out-of-pocket costs for health coverage.
Officials say those subsidies are expected to continue playing a significant role in helping New Mexicans afford marketplace health insurance in 2027.
