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Thu March 13, 2014
New Mexico High Risk Pool Insurance Rates Skyrocket
Insurance rates for people covered by New Mexico's high-risk pool will go up nearly 24 percent, partly because enrollment is shrinking as more previously uninsurable people find coverage through health insurance exchanges.
The head of the pool created by the state nearly 30 years ago says another reason for the premium increase taking effect July 1 is that the premiums are being brought more in line with those of other insurance products on the market.
According to the Albuquerque Journal, pool Executive Director Deborah Armstrong says its per-person costs are rising because some previously enrolled people have obtained other insurance as a result of the federal health car law.
The pool now has 8,300 people enrolled, down from 10,000 before insurers began issuing policies under terms of the law.
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