The Health Insurance Marketplace will offer a new way for people without insurance to get coverage and to find out if they can get lower costs for private insurance.
Employees can find out if they qualify for Medicaid or the Children’s Health Insurance Program (CHIP). Each state has its own Insurance Marketplace or participates in the federal Insurance Marketplace. New Mexico has its own, called the New Mexico Health Insurance Exchange.
A few helpful points:
- An individual is not eligible for premium assistance if he or she is offered the opportunity to enroll in employer-sponsored medical plan coverage that is affordable and meets a required minimum value. If an employee is offered the opportunity to enroll in employer-sponsored medical plan coverage and they decline that employer-sponsored coverage, premium assistance may not be available to help the employee buy coverage in the Marketplace.
- Premium assistance may not be available to an individual if they make too much money to qualify for it.
- The amount of the premium assistance declines as an individual’s income rises. Where an individual has received more premium assistance than they may have been eligible to receive, an adjustment will be coordinated with the IRS (meaning you may have to repay part of the premium assistance you received if your income increases during the year).
- The Marketplace can help you evaluate your coverage options, including your eligibility for coverage through the Marketplace and its cost. Please visit NM Human Services Department, BeWellNM and HealthCare.gov for more information, including an online application for health insurance coverage and contact information for a Health Insurance Marketplace in your area.