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New Mexico Superintendent of Insurance Russell Toal announced that a new initiative will reduce small business health insurance premiums by 10 percent beginning July 1, 2022.
“Small businesses are the backbone of New Mexico’s economy,” Toal said. “This premium relief comes at a critical moment in our state’s economic recovery. I applaud Governor Lujan Grisham and the Legislature for prioritizing assistance to small businesses.”
The Small Business Health Insurance Premium Relief Initiative, which is available to businesses with 50 or fewer employees that offer health insurance that is compliant with the Affordable Care Act to their employees, was made possible by a bill passed during the 2021 legislative session that created a Health Care Affordability Fund.
Under the law, the New Mexico Office of Superintendent of Insurance (OSI) is charged with implementing programs to lower health insurance costs for individuals, families and small businesses. This fall, OSI will launch a program to lower premiums and out-of-pocket costs for individuals who purchase health insurance coverage on beWellnm, the state’s Health Insurance Marketplace.
“We hope that OSI’s initiative will provide meaningful economic relief for small businesses and their employees,” said Rob Black, CEO of the New Mexico Chamber of Commerce. “With other business costs on the rise, a reduction in health care premiums would be welcome news for small businesses across New Mexico.”
For more information, visit www.osi.state.nm.us and enter “Small Business Health Insurance Premium Relief Initiative” in the search box in the upper right.