New program aims to lower health insurance premiums for small businesses - Albuquerque Journal

New program aims to lower health insurance premiums for small businesses

Businesses in New Mexico may be eligible for a new program meant to reduce health insurance premiums by 10%.

The program, known as the Small Business Health Insurance Premium Relief Initiative, is meant to aid small businesses that offer health insurance in compliance with the Affordable Care Act. Businesses that are eligible must have 50 employees or less, according to a news release from the New Mexico Office of Superintendent of Insurance. The program went into effect on July 1.

“Providing healthcare is an incredibly useful tool in attracting and retaining employees to New Mexico’s small businesses, and I am thrilled that we are significantly cutting the costs for businesses to be able to offer this benefit,” Gov. Michelle Lujan Grisham said in a statement.

Informational sessions on the program are planned for from 12 p.m. to 1 p.m. and from 5 p.m. to 6 p.m. Thursday, according to the office. Registration is required. A link for sign up is available here.

The program was made possible by a bill that passed during the 2021 legislative session that created a Health Care Affordability Fund.

The Office of Superintendent of Insurance — which handles the implementation of programs aimed at lower health insurance costs for small businesses, families and individuals — will also launch a program this fall meant to lower premiums and out-of-pocket costs for residents who purchase coverage through beWellnm, the state’s health insurance exchange.

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