Health insurers rein in rate hikes on New Mexico exchange

SANTA FE, N.M. (AP) — New Mexico's superintendent of insurance says health insurance providers are reducing requested rate hikes for next year on the state's subsidized exchange. Superintendent John Franchini said Thursday that health insurance rate increases are likely to range from between 6 percent and 20 percent. Initial proposals from four insurance companies would have raised premiums by up to 80 percent. About 55,000 New Mexico residents sign up each year for federally subsidized insurance through the state exchange, known as beWellnm. Franchini says the largest initial rate proposal was calculated under the assumption that subsidies would disappear for out-of-pocket expenses such as copayments and deductibles for lower-income patients, as well as income-based tax credits that help people buy coverage. Republican plans to overhaul health care subsidies and enforcement provisions have stalled in Washington.