True Health Insurance, 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 this fall.
What do Companies Who Use True Health New Mexico Need to do?
While nothing has changed for employers in 2022 regarding their insurance, any True Health members will need to search for a new provider during the next open enrollment period beginning in November of this year.
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 leaving New Mexico?
What's Next for Employers?
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 a broker that will shop these 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.