New Mexico: (Preliminary) avg. *unsubsidized* 2023 #ACA rate changes: +11.3%; True Health dropping out

New Mexico

New Mexico's preliminary 2023 individual & small group market rate filings are finally available. It's possible that these are even the approved rates (the filing headers make this a bit confusing, but even if they are, the odds are there will be some final tweaks anyway now that the Inflation Reduction Act has been signed into law, extending the enhanced ARP subsidies for another three years.

The weighted averages themselves are pretty high (11.3% for individual market plans; an unweighted 8.8% for the small group market). Beyond that the most noteworthy item is that True Health NM is dropping out of the New Mexico exchange, leaving nearly 1/3 of the state's individual market enrollees to shop around for a different carrier:

About 38,000 New Mexicans will have to find a new health insurer next year.

Bright Health Group, the owner of True Health New Mexico, announced Thursday that it will no longer offer individual and family plans for the 2023 plan year to members in New Mexico and five other states.

Nothing will change this year for New Mexicans with True Health plans, but those members will need to find new plans during the next open enrollment period beginning Nov. 1, 2022, said Joanie Griffin, speaking for True Health.

Group plans will stay in place through the end of the specific contract year, she said.

The company will work to make sure current members have transitioned to new plans. Current members can reach out to customer service for additional help, Griffin said. Customer service for True Health New Mexico can be reached at 1-844-508-4677.

It also looks like Friday Health Plan is bailing from the state's small group market in 2023.