SANTA FE – A cooperative fitness insurance provider for 14,000 consumers in the New Mexico subsidized market will cease operations in early 2021.
State insurance regulators announced Tuesday that New Mexico Health Connections will not be an option in the open enrollment era that begins November 1.
People who lose their employment-based insurance as a result of the COVID-19 economic crisis flock to Medicaid insurance and the New Mexico Insurance Exchange, which provides subsidies to low- and moderate-income households. Five insurance companies are expected to participate in the state change by 2021.
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Health Connections CEO Marlene Baca said in a statement that claims would be paid until the end of the year through the cooperative that was established in 2012.
He stated that the company’s board had that long-term expansion projections were not sufficient to ensure good luck in operations.
More than 40,000 others rely on Exchange of New Mexico health insurance for Americans and families.