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New Mexico tax on health insurance to subsidize exchange costs


Health insurance will be substantially less expensive for consumers on New Mexico’s health insurance exchange through a combination of federal pandemic relief, a growing pool of subscribers and expected proceeds from a new state tax, according to state insurance regulators, reports the Albuquerque Journal. State lawmakers this year approved a tax increase on private health insurance premiums, starting Jan. 1, 2022, that will help underwrite health-exchange insurance offerings for low- and mid-income individuals along with employees at small businesses, starting in 2023.

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