New Mexico 2023 Regular Session

New Mexico House Bill HB376

Introduced
2/10/23  
Report Pass
2/22/23  
Report Pass
3/4/23  
Engrossed
3/7/23  

Caption

Nm Insurance Pool Board Of Directors

Impact

The impacts of HB376 are significant for New Mexico's healthcare landscape. The amendment focuses on making insurance more accessible and affordable for low-income residents by introducing a new premium schedule that reduces costs for individuals earning below four hundred percent of the federal poverty level. This section of the bill attempts to bridge the insurance gap by reducing financial barriers, effectively allowing more residents to access necessary healthcare coverage. Adjustments to premiums are designed to reflect a more equitable fee structure based on demographic factors, which could potentially lead to a more balanced healthcare marketplace.

Summary

House Bill 376 seeks to amend the authority and operations of the New Mexico Medical Insurance Pool's Board of Directors. One of the core objectives of this legislation is to revise how health insurance rates are calculated, emphasizing a metrics-based approach to pricing that reflects average market rates across different demographics and geographical areas. The bill aims to enhance the board's ability to establish appropriate rates while considering various risk factors such as age and area claim costs. Furthermore, the bill mandates transparency by requiring that all rates and schedules be submitted for approval to the relevant state superintendent.

Contention

Throughout discussions on HB376, notable points of contention arose regarding how the changes could affect the financial viability of the Medical Insurance Pool. Critics voiced concerns over whether the proposed low-income premium schedule would be sustainable in the long term, particularly given the economic strains many insurers face. There was also thrust on the degree of government oversight involved, with proponents arguing that increased regulation will protect consumers, while opponents feared it could stifle insurer revenues and innovation. Ultimately, the bill represents a significant shift toward balancing affordability with systematic rate calculation adjustments, seeking to enhance the overall health coverage landscape in New Mexico.

Companion Bills

No companion bills found.

Previously Filed As

NM SB81

Nm Property Insurance Pgm. Assoc. Board

NM HB291

Life & Health Insurance Guaranty Assoc.

NM HB181

Life & Health Insurance Guaranty Act Changes

NM SB179

Life & Health Insurance Guaranty Act Changes

NM SB00478

An Act Concerning The Duties Of The Health Reinsurance Association And Requirements Of The Connecticut Small Employer Reinsurance Pool, Updating The Preexisting Conditions Statute, And Concerning Certain Group Health Insurance Policies.

NM SB153

Relative to the high risk health insurance pool. (gov sig)

NM SB01023

An Act Concerning Revisions To The Health Insurance Statutes.

NM HB1595

To Enact The State Insurance Department's General Omnibus Amendment Of Arkansas Insurance Code.

NM HB1420

To Enact The State Insurance Department's General Omnibus Amendment Of Arkansas Insurance Code.

NM HB1614

Insurance exchange; authorize Commissioner of Insurance to establish.

Similar Bills

No similar bills found.