GRAHAM-CASSIDY REPEAL BILL DEADLINE:

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New Mexico: 2015 QHP premiums to DROP 1.65% (weighted average)

This is really just a confirmation of an entry from 3 weeks ago, but this time I have more specifics on the premium changes at hand in New Mexico:

Among the five insurance carriers participating in the exchange, premiums will drop on average by 7 percent at Molina Healthcare, 1.5 percent at New Mexico Health Connections and 1 percent at Blue Cross and Blue Shield of New Mexico, according to the state Office of the Superintendent of Insurance.

The highest, lowest and roughly mid-range monthly payments for HMO health insurance plans offered by companies participating in the New Mexico Health Insurance Exchange. The payments are based on charges for a 50-year-old, non-smoking resident of the Albuquerque metro area for 2015. For more information, go to the exchange website atwww.bewellnm.com.

Premiums will be unchanged at Presbyterian Health Plan. The fifth insurance carrier participating in the exchange, Christus Health Plan, is in its first year.

I spent some amount of effort hunting down the relative market share of the 4 companies already on the NM exchange, and came up with the following estimates:

  • BCBSNM: 47.0% market share: -1.0%
  • Molina: 12.5% market share: -7.0%
  • NMHC: 20.5% market share: -1.5%
  • Presbyterian: 20.1% market share: No Change
  • Christus Health Plan: n/a (new)

That gives a weighted average reduction of 1.65%.