New Mexico Individual Health Insurance
Health insurance coverage is the perfect way to divert your financial worries and promising a healthy future for your family. If you are without group health insurance coverage, purchasing a New Mexico individual health insurance plan is a great decision that will help to protect you both medically and financially. Since you are considering individual health insurance in New Mexico, you may want to know more about the laws regulating individual policies.
Eligibility: How Am I Evaluated?
New Mexico has no regulations on how or why an insurer can turn down a health insurance applicant. You are evaluated based on a number of factors and an insurer is free to use any of those factors to determine you ineligible for a policy. These factors can include age, how many people are seeking coverage under your policy, and your past medical history. Insurers are required to cover new dependents of an already-covered individual for at least the first 30 days (i.e. such as in the case of a birth or adoption).
In compliance with HIPPA Group-to-Individual Portability Coverage, New Mexico guarantees coverage from the New Mexico Medical Insurance Pool (NMMIP), the state’s high-risk health insurance pool, for HIPPA eligible consumers who are turned down for a private policy.
New Mexico Guaranteed Benefits & Pre-Existing Conditions
In New Mexico, standardized individual health insurance plans are not required of insurers. On the other hand, there are certain benefits that insurers are required to cover for every individual on every health insurance plan. These benefits include childhood immunizations, patient care costs in clinical cancer trials, screening for breast, cervical, colorectal cancer along with HPV screening, diabetic care, contraceptives provided the health plan covers prescription drugs.
Where pre-existing conditions are concerned, your insurer can look back up to 6 months prior to your application to determine if there are any conditions that you sought medical treatment or advice for. They can then exclude these conditions from your policy for up to 6 months. In addition, they can also decide to instead attach the condition to your policy’s elimination rider, which basically means that the condition will never be covered under your current policy.
New Mexico Individual Health Insurance Premiums
To conclude, it is important to note some important issues regarding your premiums. Premiums for New Mexico individual health insurance are based on many individual factors, including your age, past medical history, and what plan you choose. New Mexico does not impose any limits on how much an insurer can charge you for a policy and your premiums may be very high if you have a known medical condition that requires or could require expensive treatment. Your premiums can also increase at renewal, as your insurer sees fit, to cover the increased risks involving age or new medical conditions. However, your policy cannot be cancelled by your insurer because you have incurred medical bills and filed claims. Your policy is guaranteed renewable for as long as you wish to keep it. In effect, your insurer may increase your premiums to make up for the increased health risk.
Health insurance is essential to secure your financial future and the physical well-being of your family. Contact a qualified health insurance agent/broker to avail the benefits of owning a health insurance policy.
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