New Mexico’s health insurance exchange, BeWell, is experiencing unprecedented enrollment ahead of the January 15, 2025, deadline for open enrollment. As of this week, over 81,000 residents have signed up for medical and dental coverage, surpassing the previous record by nearly 10,000 individuals. This surge includes more than 9,000 new customers who have enrolled since November 1, 2024.
The increase in enrollment is notable despite the impending expiration of some federal health insurance subsidies. The Enhanced Premium Tax Credits, which have helped lower costs for many households, are set to end on December 31, 2024. According to data from BeWell, the demand for affordable health care remains high, which has prompted a commitment from state lawmakers to support residents in navigating rising insurance costs.
State Support Amid Federal Changes
Alex Sanchez, BeWell’s Chief Experience Officer, expressed optimism about the record enrollment figures. “It’s the third year in a row that we’ve had record enrollment, so it feels great to know that so many more New Mexicans are getting the help they need with affordable and reliable health care,” he stated.
While New Mexicans utilizing the marketplace will face some cost increases in 2026, the New Mexico Legislature has taken measures to alleviate the financial burden. During its regular session in January 2025 and a special session in October 2024, lawmakers allocated approximately $40 million to help replace the expiring subsidies. Nonetheless, rates for individual plans are expected to rise, with an average increase of nearly 36% announced by the New Mexico Office of the Superintendent of Insurance in August.
Despite these increases, many enrollees will continue to benefit from low premiums. More than half of those signed up through BeWell pay less than $10 per month for coverage, indicating the effectiveness of state support in maintaining affordability.
Personal Impact of Insurance Subsidies
The importance of state-funded subsidies is evident in the case of Garrett Peck, a self-employed author and historian from Santa Fe. At nearly 58 years old, Peck is not eligible for employer-sponsored insurance and anticipates being seven years away from qualifying for Medicare. Without state support, his premium would reach $1,130. Thanks to state subsidies, however, he will see a reduction of $397 per month through June 2025.
“I’m very grateful to the Legislature and to the governor for doing this,” Peck remarked. He acknowledged the challenges of navigating health insurance costs, stating, “You cannot not have insurance; you’ve got to do it — which means that you sacrifice a bunch of other stuff.”
As the legislative session approaches on January 20, 2025, discussions are expected regarding the continuation of subsidies. The New Mexico Health Care Authority is requesting $103.7 million to extend support for residents, while Governor Michelle Lujan Grisham‘s proposed budget includes an $81.1 million allocation aimed at reducing health care premiums for those purchasing coverage through the exchange.
Sanchez remains confident in the state’s commitment to providing affordable health insurance options. “When you look at the special session and how quickly legislators turned this around and worked with the governor, there is a commitment from our state elected officials to affordable and reliable health insurance,” he stated.
With the enrollment period set to close soon, New Mexico’s residents are urged to act quickly to secure coverage, ensuring they do not miss the opportunity to access essential health care services.
