ALBUQUERQUE, N.M. — Citing higher-than-expected costs, Blue Cross and Blue Shield of New Mexico wants to raise premiums by an average of 51.6 percent on individual Affordable Care Act plans in 2016.
The company made the request in a preliminary rate proposal filed with New Mexico Insurance Superintendent John Franchini. Blue Cross and Blue Shield — which insures an estimated 600,000 people statewide — said the proposal affects an estimated 35,000 customers who signed up for qualified individual health plans through the New Mexico Health Insurance Exchange, but also those who bought the same plans off the exchange.
Franchini has the final authority to approve or not approve Blue Cross and Blue Shield’s request.
His office — including an in-house actuary and a contracted actuary — also will consider rate increase proposals from Presbyterian Health Plan and New Mexico Health Connections. Franchini said Presbyterian wants an average increase of 6 percent on its individual plan premiums, while New Mexico Health Connections seeks a bump of 4 to 5 percent on its individual plans.