House Passes Bill to Stabilize Healthcare Affordability Fund
Ensures New Mexicans can continue to access affordable health insurance plans
Santa Fe, N.M. - Today, the House of Representatives approved important legislation to ensure affordable health insurance plans remain available for tens of thousands of New Mexicans by a bipartisan vote of 51-14. House Bill 7 would allow for ongoing, stable distributions to the Healthcare Affordability Fund, so the important programs it funds can continue.
The Affordability Fund, which was created in 2021, has helped tens of thousands of New Mexicans afford quality health insurance coverage on the Exchange and created an avenue for thousands of small businesses to offer coverage to their employees.
“Over the past three years, we have made enormous progress. HB 7 will sustain the programs that small businesses and working New Mexicans count on to make their healthcare coverage affordable,” said bill sponsor House Majority Whip Reena Szczepanski (D-Santa Fe). “Today, we have record enrollment and far more of our residents on quality plans than the national average. Let’s keep that going.”
To date, 6,000 small businesses and their employees have saved $45 million on their health insurance premiums through programs established by the fund. The premium assistance has also resulted in the highest enrollment ever recorded, with enrollment up 38% year-over-year. 57,000 people are now signed up for high-quality, affordable coverage through beWellnm.
The Health Care Affordability Fund has enabled the creation of programs to:
Lower premiums for small businesses
Lower costs for consumers on the Exchange (beWellnm)
Provide $0 premium plans to Native Americans whose incomes are less than 300% of the federal poverty line
Additional sponsors include Senator Siah Correa Hemphill (D-Silver City) and Rep. Meredith Dixon (D-Albuquerque). The bill will now move to the Senate.
The Roundhouse is open to the public for the 2024 session. Members of the public can also view floor sessions and committee meetings on the New Mexico Legislature’s Webcasts tab, and provide comment via phone or Zoom as directed on the daily schedule.
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