What Are Health Insurance Marketplaces and Exchanges?
Exchanges or marketplaces are services that enable enrollment in insurance through a public or private forum. These forums are accessible through multiple portals and websites.
New Mexico Private Exchanges vs Public Exchanges
The private exchange is designed for employers to allow employees to enroll in a preselected company health insurance plan. The private exchange is also where individuals and small businesses shop and enroll for coverage during the open enrollment window. Consulting firms or brokers typically run the private exchange utilized by an employer.
The public exchange for New Mexico was originally run by the state through Be Well New Mexico, which was supported by Governor Susana Martinez. New Mexico struggled with the financial cost of a state-run exchange and has since transitioned to being a federally supported, state-run exchange, which means New Mexico manages the plans in the exchange while the federal government provides the infrastructure. When using the public exchange, your application will also verify if you qualify for Medicaid, CHIP, or other discounts based on income level.
New Mexico Marketplace and Exchange Facts