More than 81,000 residents of New Mexico have enrolled in medical and dental coverage through BeWell, the state’s health insurance exchange, setting a record ahead of the January 15, 2025, deadline for open enrollment. This figure marks an increase of nearly 10,000 consumers compared to the previous record set during the open enrollment period in 2025, with over 9,000 new customers signing up since November 1.
The surge in enrollment comes despite the expiration of some federal health insurance subsidies in 2025. According to data from BeWell, this is the third consecutive year that enrollment has reached new heights. Alex Sanchez, BeWell’s Chief Experience Officer, expressed satisfaction with the trend, stating, “It’s great to know that so many more New Mexicans are getting the help they need with affordable and reliable health care.”
The deadline for enrollment is particularly critical as the Enhanced Premium Tax Credits, which helped lower out-of-pocket costs for many enrollees, expired on December 31, 2024. These tax credits provided significant assistance to middle-income households, specifically those earning over 400% of the federal poverty level, which equates to nearly $130,000 annually for a family of four. The expiration of these credits was a contentious issue that contributed to the longest federal government shutdown in U.S. history, which lasted throughout October and early November.
Despite these challenges, New Mexico’s legislative session in January 2025, alongside a special session in October, allocated approximately $40 million to mitigate the impact of rising health insurance costs for consumers in the first half of 2026. Nonetheless, individual plans sold through the marketplace are expected to see an average rate increase of nearly 36% in 2026, according to the New Mexico Office of the Superintendent of Insurance. Sanchez noted that while premiums through BeWell remain low—more than half of the enrollees pay less than $10 per month—some customers will still experience higher costs due to the overall increase in rates.
The state is poised to address the issue of insurance subsidies in the upcoming legislative session, which begins on January 20, 2025. The New Mexico Health Care Authority is requesting $103.7 million to extend the state-funded subsidies. Additionally, Governor Michelle Lujan Grisham’s budget proposal for fiscal year 2027 includes an allocation of $81.1 million aimed at reducing health care premiums for those purchasing coverage through the exchange. Sanchez expressed confidence in the state’s commitment, stating, “There is a commitment from our state elected officials to affordable and reliable health insurance.”
For individuals like Garrett Peck, a self-employed author and historian from Santa Fe, these subsidies make a significant difference. At nearly 58 years of age, Peck finds himself ineligible for employer-sponsored insurance and is too young for Medicare. With an income exceeding Medicaid eligibility, state subsidies have reduced his insurance premium by $397 per month through June. Peck shared his gratitude, stating, “I’m very grateful to the Legislature and to the governor for doing this, because otherwise my premium was going to be $1,130—and it only goes up from here.”
As he navigates the changing landscape of health insurance, Peck emphasizes the necessity of maintaining coverage, acknowledging the sacrifices that come with it. “You cannot not have insurance; you’ve got to do it—which means that you sacrifice a bunch of other stuff,” he remarked.
With open enrollment concluding soon, New Mexico’s health exchange is witnessing unprecedented participation, highlighting the ongoing demand for accessible health coverage in the state.
