New Mexico Provides Guidance Regarding Cost Sharing Carryover During Special Enrollment Period

NM | The American Rescue Plan (“ARP”), in conjunction with the recently announced Special Enrollment Period (“SEP”), creates an unprecedented opportunity for thousands of New Mexicans to obtain more affordable health insurance. Unfortunately, concern about not receiving credit for out-of-pocket cost sharing contributions may deter a current plan enrollee from switching to higher value plan during this SEP. To mitigate such concerns and encourage enrollees to take full advantage of ARP price reductions, the New Mexico Office of Superintendent of Insurance (“OSI”) encourages every 2021 plan year Qualified Health Plan (“QHP”) issuer to give current QHP enrollees a carryover credit for cost sharing contributions the enrollee made prior to selecting a new QHP plan offered by the same issuer.

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