True Health, the New Mexico health insurance carrier, which was recently purchased by Bright Health, announced that it will be leaving the New Mexico health insurance market in 2023, leaving thousands of New Mexicans searching for a new insurance provider come last fall.
What do Companies Using True Health New Mexico Need to do?
While nothing has changed for employers regarding their group insurance policies under their current contract year, any businesses relying on True Health insurance will need to search for a new insurance carrier and plans for employees.
Although employers' group plans will stay in place through the end of the company's contract year. When a company's typical benefits renewal period arrives, instead of being able to renew with True Health, they'll need to generate plan options for the next open enrollment period. The open enrollment period for most companies begins in November.
However, group plans will stay in place through the end of the specific contract year.
So what exactly should employers and other True Health members do about True Health employer insurance leaving New Mexico?
What's Next for Employers Using True Health Employer Insurance?
With nearly 32,000 New Mexican losing coverage, people, employers especially, need to know what to do next.
According to the New Mexico Office of Superintendent of Insurance, employers and any other True Health members need to do the following things:
- Determine when your coverage ends
- Understand your alternative health insurance carrier options in New Mexico
- Find an insurance broker that will shop available carriers and identify comparable plans options for your company (and ensure they're proactive enough to do it during each renewal period afterward)
Employers looking for more information on the discontinuation of coverage for True Health insurance in New Mexico can check out this FAQ provided by True Health.
Get Started on Your
Search for New Coverage Today
Employers looking to get started on looking for a new health insurance carrier can do so now, rather than waiting for open enrollment to begin.
To learn more about Payday HCM's employee benefits services, or to see how we are already helping countless businesses with employee benefits and health insurance plans, contact us today.