New Mexico agencies are asked to study health insurance costs

The insurance superintendent, in consultation with the Health Care Authority, is asked to form a study group. The group would study New Mexico’s fully insured individual and small group health insurance markets. Its members would represent small employers and working families, business and employers, insurers and health plans, the insurance superintendent, and the health insurance exchange; at least one insurer-side member would be an experienced licensed agent or broker. The memorial requests this work; it does not require the agencies to carry it out.

The group is asked to study premium cost drivers and affordability, then send findings and recommendations to two legislative committees. The requested review includes claims and prescription drug costs, use of care, administrative expenses, the effects of state taxes and fees, affordability for families and small employers, and options to improve affordability while protecting access to quality care. The group may seek input from additional stakeholders and experts as it considers necessary. The group is asked to report its findings and recommendations to the legislative finance and health and human services committees by October 1, 2026.