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Obamacare in New Mexico

The Affordable Care Act (ACA), otherwise known as Obamacare, was created for impoverished families to be able to obtain quality healthcare for little to no money. In New Mexico, over 50,000 people were enrolled into Obamacare as of February 22, 2016. Additionally, almost 15,143 people under the age of 35 who enrolled into Medicaid for Obamacare qualified for subsidies on the Marketplace for approximately $196 a month. Obamacare is a widely growing plan, continuing to show upward projections since its introduction. In New Mexico, the effects have been noticeable with an average of 43 healthcare plans available from 5 different issuers. More detailed information can be found below:

  • Did New Mexico accept the Obamacare Medicaid expansion?
  • Does the state or federal government run the health insurance exchange in New Mexico?
  • Eligibility for Obamacare in New Mexico
  • How to apply for Obamacare in New Mexico
  • Health plan cost and availability in New Jersey

Did New Mexico Accept the Obamacare Medicaid Expansion ?

“What is the expansion of Medicaid?” is one of the first questions a potential Obamacare recipient asks. The ACA Medicaid Expansion added another level of healthcare coverage onto the existing Obamacare plans. The NM Affordable Care Act Medicaid expansion is unique in that each individual state can choose to either accept or decline the expansion. The state of New Mexico decided to accept the ACA Medicaid Expansion. The main points within the ACA Medicaid Expansion were to extend free healthcare coverage to any household that fell 133 percent below the median income level for an area, as well as for individuals who are non-elderly and without dependent children. In NM, a household of four that makes less than $32,253 will be considered for free Obamacare. However, this is not a set estimate, every minimum income level is decided by each individual county. So, depending on the demographics, a minimum income level will either increase or decrease.

To apply for Obamacare Medicaid expansion in NM, a standard application is acceptable. To obtain a standard Obamacare Medicaid application, there are two ways to do so: either contact the Marketplace in New Mexico or go online to fill out a digital application. Since New Mexico accepted the Medicaid expansion, having medical insurance is a requirement. However, eligibility for Obamacare Medicaid is not guaranteed. Regarding how to qualify for Obamacare, everyone will get basic healthcare, but not everyone will get tax credits. It is imperative for households to check their income against Obamacare income levels to see if they qualify, meaning they make below the set income level for their demographic.

Many applicants will ask “What is the Obamacare Medicaid expansion in NM?” as they look over all of the documentation and qualifications required for Obamacare. Obamacare was made specifically to offer very low-income households a chance to have quality coverage. When the federal government looked to address the issues of the impoverished obtaining quality healthcare, the Obamacare Medicaid expansion details were developed as a way of bridging the gap.

At present, 30 states and Washington D.C. have agreed upon the ACA Medicaid Expansion. In 2015, New Mexico had over 230,000 people enrolled in Medicaid, and according to the Gallup, the uninsured rate decreased from 20.2 to 15.3 percent since Obamacare’s introduction.

The ACA Medicaid expansion cost to states has come out to about 80 cents to the premium dollar in New Mexico. In the beginning of Obamacare, the federal government paid the full amount for coverage, but starting in 2017 the government will only cover 90 percent, leaving the last 10 percent for the states to pay.

Does the State or Federal Government Run the Health Insurance Exchange in New Mexico?

What is the health insurance exchange in New Mexico? The exchange rate will differ from one state to the next so there is no set standard. Each state has their own Obamacare healthcare marketplace, which is usually housed on an online platform. The Obamacare health insurance exchange is a place where applicants may go and select a healthcare plan from a range of available packages. Each plan is laid out with details such as cost and coverage.

What is the marketplace for health insurance? If an applicant still finds the topic of marketplace health insurance confusing, it would be best to think of the marketplace in terms of a shopping website. Each vendor will advertise their listings and the website will show many different listings from multiple companies all in one place. From there the applicant may compare pricings, coverages, and any other details in a quick manner. Health insurance exchange regulations are placed upon the vendors to ensure that they are offering plans for a fair price.

Eligibility for Obamacare in New Mexico

What are the requirements to apply for Obamacare in New Mexico? There are two main requirements which households must adhere to in order to be considered for Obamacare. A household must meet all Obamacare income requirements and Obamacare coverage eligibility requirements as set by each state. Required documentation which will designate who is eligible for Obamacare can be quite extensive. The applicant is expected to provide the documentation for not only themselves but for every household member. Among the documents that are required for Obamacare are birth certificates, driver’s licenses, medical history and income. In addition to these documents, an applicant must provide appropriate documentation for last year’s taxes, previous medical insurance information and projected income for the year.

How to Apply for Obamacare in New Mexico

“What is needed to sign up for Obamacare?” and “Can I apply online for Obamacare?” are commonplace questions. When searching for how to enroll in Obamacare, there are two main ways to do this. An applicant may apply for Obamacare online or they may apply in person. Depending on which option an applicant chooses, there may be some differences in where to apply for Obamacare. A third, less common way for how to enroll in Obamacare is to start the process over the telephone, though most people do not prefer this option.

What do I need to apply for Obamacare? The process of how to apply for Obamacare insurance is greatly influenced by documentation. As for the types of documentation, proof of identity, proof of income, and any medical history or previous medical insurance should always be submitted. Tax information from the previous year and the projected earnings from the current year should be brought along as well. For more information on how to get Obamacare, contact the local NM federal healthcare office or a nearby insurance agent.  

Health Plan Cost and Availability in New Mexico 

How much does Obamacare cost? To determine Obamacare health insurance price estimates in NM, start the application process. Obamacare health insurance plans come in four tiers, from topmost coverage, as follows: Platinum, Gold, Silver, and Bronze plans. The Bronze plan is the lowest coverage plan available, covering only 60 percent of any medical costs. The Silver plan covers 70 percent of medical costs, while the Gold and Platinum plans cover 80 and 90 percent of medical costs, respectively. The remaining 40, 30, 20, and 10 percent costs are what beneficiaries are expected to pay out of pocket. A fifth plan called Catastrophic is available, but this category of plan is not designed for long-term usage. These plans have high costs and many of the expenses must be paid out of pocket up to a certain point by the beneficiary. Furthermore, plans such as this are only available for people under the age of 35.

How much will Obamacare insurance cost me? Obamacare health insurance plans costs are designed to fluctuate depending on what area an applicant finds themselves in. This means that rates are fluid, and they will be higher or lower depending on an area’s demographics. Also, anyone who smokes will be looking at a higher than normal rate. It is possible that any applicant who smokes will have a rate that is up to 50 percent higher than that of a non-smoker.