New Mexico Group Health Insurance & Employee Benefit Plans

Group Health Insurance And Employee Benefits for New Mexico Residents

Taylor Benefits has been assisting our satisfied clients with group healthcare insurance plans for over 25 years. Because Taylor Benefits is an independent agency, we are not restricted to specific network providers. Thus, our agents can provide custom plans, inclusive of resources like co-pay and deductible details, crafted to meet your needs and enrollment schedules. Equipped to handle even pre-existing conditions with confidence, we make sure to cater every individual’s unique condition.

Every group insurance plan is tailored to the client, so you can get the exact coverage that you need, right down to your out-of-pocket expenses. Each plan is different as each client is different, reflecting the rich diversity of the people we serve. However, there are common health insurance coverage options that many groups find attractive.

Taylor Benefits offers the following health insurance options for clients. These range from standard plans to bespoke ones that can be adjusted to suit each unique client’s needs and preferences.

Don’t hesitate to create your custom plan today! By leveraging our resources and expertise, we assure you of a plan that aligns perfectly with your needs.

The Affordable Care Act allows each state to implement some aspects of the legislation according to their state preferences, which have resulted in some disparities between state coverage. New Mexico actually boasts one of the best-run healthcare exchanges. Premiums are low, health care insurance options are diverse, and residents have the ability to choose from a wide network of health care options. That is indeed excellent news for employers and employees in the Land of Enchantment.

New Mexico group health insurance plans are readily available to cater to the needs of various business sizes and scales.

The Affordable Care Act (ACA) mandates that companies with fifty or more workers provide affordable health insurance for employees covered. The subscriber premium can’t exceed 9.12 percent of the worker’s gross pay for individual coverage to satisfy the affordability standard. Also, the insurance program must be designed to cover at least sixty percent of the standard worker’s health and medical needs and include these covered services.

New Mexico group health insurance plans

New Mexico Large Group Health Insurance Plans

If the coverage meets those strict specifications, it can take the form of a preferred provider organization, health maintenance organization, indemnity program, or point-of-service plan. Often, the company will offer workers a variety of choices, with at least one favorably priced below what the affordable standard requires. For instance, a bronze-classified plan is designed to cover sixty percent of the cost for an average subscriber.

  1. Ambulatory patient services (outpatient care)
  2. Emergency services
  3. Hospitalization, including surgical and medical
  4. Maternity and newborn care, including delivery
  5. Mental health and substance use disorder services
  6. Prescription drugs
  7. Rehabilitative services and devices
  8. Laboratory services
  9. Preventative and wellness services, including chronic disease management
  10. Pediatric services, including dental and vision care for children under the age of 19

If a plan is anticipated to cover seventy percent, it achieves a silver rating. Gold plans to cover eighty percent, and the rare platinum plans (which would naturally command higher premiums) should account for ninety percent of services.

In New Mexico, insurance must also cover the stated services, adhering to both federal and state regulations for the benefit of the insured residents.

New Mexico small businesses aren’t required to provide health insurance coverage to their employees. However, if they do, the coverage must meet the ACA and New Mexico standards as indicated for large group plans. In addition, the ACA supports small businesses through SHOP (Small Business Health Options Program), which provides an accessible platform for smaller businesses, facilitating their health insurance needs.

  • Clinical trials for cancer treatment
  • Diabetes care management
  • Emergency transportation (ambulance) for maternity care
  • Hearing aids for children
  • Outpatient surgery to cover circumcision for newborn males
  • Post-mastectomy care
  • TMJ Disorder treatment

New Mexico Small Business Health Insurance Plans

The credit is available for small businesses (with fewer than 25 full-time or full-time equivalent workers) if the employees have average wages of less than$53,000 annually and the employer is paying at least half the premium expense. However, the company doesn’t have to include a subsidy for dependents or families of employees to qualify for the credit. Talk to your Taylor Benefits Insurance consultant for more information about small business insurance programs and tax credits.

In the state of New Mexico, private-sector retirement plans are rare. In fact, only thirty-eight percent of private company employees work for a business that offers one. With our comprehensive suite of offerings at Taylor Benefits, we strive to make insurance coverage accessible to all, regardless of company size or resources.In response to the low savings rate, New Mexico’s legislature passed the New Mexico Work and Save Act, an effort endorsed by Presbyterian Health Services and UnitedHealthcare, among others. To quote the Act, it contains incentives and support for employers to create retirement savings plans for their workers. However, there are currently no mandatory components to the law. Medicare and other third-party payment assistance options have also shown interest in this model.

New Mexico Employee Benefit Plans and Employee Benefits Packages

As an independent health insurance provider, Talor Benefits Insurance can take advantage of the many available choices to provide custom plans, as we are not limited by insurance company policies or state insurance mandates. Whether you’re interested in an HMO, PPO, or other type of plan, we can provide the healthcare services that your group needs. Even when talking about specialized health coverage like Presbyterian or Medicare, we ensure that you get more value for your money with low healthcare premiums.

We offer free consultations with no obligation to purchase one of our group plans. Our mandate is to purchase group health insurance with the best, most appropriate healthcare insurance coverage possible for your needs. Learn which health plan is most appropriate with a free consultation today. Additionally, for those enrolled under plans like Medicare, we can provide valuable assistance in understanding their benefits.

New Mexico residents are enjoying the benefits of the ACA, especially when it comes to reproductive health, with contraceptives and birth control being provided at no cost to residents with insurance. Due to the health of the insurance exchange in New Mexico, Taylor Benefits can also work with third party administrators including those under PPOs or Presbyterian and UnitedHealthcare plans, to provide your organization with comprehensive group insurance coverage.

Relevant Statistics

  • In New Mexico, over 85% of employers offer group health insurance coverage to their employees.
  • The average monthly premium for a family under a group health insurance plan in New Mexico is $650.
  • Approximately 90% of residents in New Mexico have access to at least one health insurance carrier through their employer.
  • The deductible for a standard group health insurance plan in New Mexico is typically around $1,000 per individual.
  • Out of all eligible employees, about 75% in New Mexico choose to enroll in their employer’s group health insurance program.

General Facts

  • Group health insurance in New Mexico provides coverage for a group of people, typically employees of a company or members of an organization.
  • It offers a range of health benefits, including medical, dental, and vision coverage.
  • Employers can choose from various plans offered by insurance providers to provide comprehensive healthcare for their employees.
  • New Mexico group health insurance plans often provide preventive care services, such as vaccinations and screenings, to help individuals maintain good health.
  • The cost of group health insurance is usually shared between the employer and the employees, with the employer paying a portion of the premium.

New Mexico and the ACA

If you select a high-quality healthcare plan, your employees will be able to obtain the medical care they need without worrying about how to pay for the services. For almost any size company, the most economical way to offer health insurance is with a group policy. Even though healthcare costs continue to rise, you will have access to an affordable, robust program that caters to a diverse range of health coverage needs – from HMO to PPO or Medicare.

Frequently Asked Questions About Health Insurance And Employee Benefit Plans in New Mexico

Learn more about employee benefit plans in New Mexico.

The premiums for a large group of health insurance policies are significantly lower than those for individual coverage. A company can reduce its overall costs by tailoring benefits programs to the needs of each employee. Plus, by employing a third party for payment processing, the corporation may be qualified for additional tax credit incentives in some cases.

What Are the Benefits of Large Group Health Insurance Plans in New Mexico?

The premiums for a large group of health insurance policies are significantly lower than those for individual coverage. A company can reduce its overall costs by tailoring benefits programs to the needs of each employee. In addition, the corporation may be qualified for tax credit incentives in some cases.

While company plans are more common, other groups may also benefit from purchasing group health insurance. For example, universities and colleges may offer policies to their students as well as staff. The most effective way to pay the costs of medical treatment for employees is to give them membership in a group health insurance plan.

In New Mexico, What Is Considered a Small Business Group for Health Insurance Plans?

Under the Affordable Care Act (ACA), small-business owners are excused from providing their employees with group health insurance coverage. According to federal laws, a “small business” is classified as employing less than 50 full-time employees who do not offer minimum essential coverage.

As a small business, you can choose whether or not to offer employee health insurance. More than half of small business owners (56 percent) offer group coverage for their full-time employees, according to a study by the Kaiser Family Foundation.

A strong case can be made for small business owners to provide their employees with health insurance, even when it is not mandated. When you offer health benefits to your eligible employees is a win-win decision for the employees and the company.

What Should Employee Benefits Packages Include in New Mexico?

It’s possible to incorporate many perks into a benefits package. Your business may not be able to offer all potential options, but you can choose the ones that align with your company’s values. Overall, most employee benefits fall into two main categories: financial and health and wellness. Some perks to consider offering include: n

Pension and 401(k) plans

Profit sharing and bonuses

Family Leave

Flexible work options

Gym memberships and wellness programs

How Much Do Employers Pay for Health Insurance in New Mexico?

In New Mexico, where healthcare costs are lower than in some other states, On average, employers pay almost eighty percent of the cost of coverage for single employees. The average employer contribution (again, not including dependents) is almost $5,900 annually.

Written by Todd Taylor

Todd Taylor

Todd Taylor oversees most of the marketing and client administration for the agency with help of an incredible team. Todd is a seasoned benefits insurance broker with over 35 years of industry experience. As the Founder and CEO of Taylor Benefits Insurance Agency, Inc., he provides strategic consultations and high-quality support to ensure his clients’ competitive position in the market.

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