New Mexico – SANTA FE, N.M. (KRWG) Presbyterian Healthcare has received approval from New Mexico regulators for a rate increase, but it's not as much as the company had hoped for.
The state Insurance Division recently denied Presbyterian's request for a 9.7 percent rate increase for its health insurance. That prompted the company to reduce the request by 5 percent.
The Insurance Division says the lower 4.7 percent rate increase is based solely on annual inflation of medical costs in New Mexico.
Insurance Superintendent John Franchini says the agency feels the increase is fair to Presbyterian and customers since it restricts the increase solely to the inflation costs.
Franchini says Presbyterian's rate is the lowest set in five years.
The agency says the new rate will go into effect Jan. 1. f
Copyright 2011 The Associated Press. KRWG