If you own a small business or startup company, you may wonder what health insurance options are available and what you really need for coverage. From private to small business to short-term plans, there are many health insurance options to sort through.
Each plan focuses on specific needs and users, so which is best for you?
Let’s compare small business, private, and short-term plans so you can make the best choice for your health—and your bottom line.
Small Business Health Insurance
New Mexico carriers may offer small group plans directly. As a small business owner, you can contact the insurance carriers to ask about group coverage options for your employees. Here are a few places to start looking for more information:
- Small Group Health Insurance Options (Blue Cross and Blue Shield of New Mexico)
- Employer-Offered Plans (Presbyterian Health Plan, Inc.)
- Products and solutions for employers (United Healthcare)
Group coverage isn’t your only option. You and your employees can also shop for private health care plans on the BeWell Marketplace. Make an appointment with a BeWell certified assister to discuss your options.
Private Health Insurance
A private health insurance plan is an agreement with a carrier to cover some or all of your health care expenses. Private health insurance is the only type you can buy through carriers on the BeWell Marketplace.
Currently, these are the private insurance carriers on the BeWell marketplace:
- Ambetter Plan of Western Sky Community Care
- BestLife (Stand-alone dental plans)
- Blue Cross and Blue Shield of New Mexico (BCBSNM)
- Molina Healthcare of New Mexico, Inc.
- Presbyterian Health Plan, Inc.
- United Healthcare
There is no one-size-fits-all plan when it comes to health insurance. But every plan available through BeWell includes no-cost preventative care and covers the 10 essential health care services, including prescription medications, maternity care and pediatric services.
There are three levels of plans offered on the BeWell Marketplace: Gold (highest premiums, least out-of-pocket costs), Silver (a good middle ground), and Bronze (lowest premiums, most out-of-pocket costs). Turquoise Plans and Clear Cost Plans offer extra savings and standardized options that are available in gold and silver levels.
To be eligible for low-cost or no-cost health coverage, you must:
- Reside in New Mexico
- Not have health insurance through your job or a parent’s job
- Not be eligible for Medicare or Medicaid
- Not be incarcerated
Related reading: Need Insurance? A Guide to Understanding Your Enrollment Options.
Short-term Health Insurance
These are temporary plans created to bridge a coverage gap due to job loss or unforeseen circumstances—not a long-term solution. There are currently no short-term health plans on the BeWell marketplace.
Typically, short-term health insurance plans cover some preventative care, urgent and emergency care, and doctor visits. Some do not cover people with preexisting conditions. These policies don’t have consumer protections and are not required to cover the same medical services or essential health benefits that private or small group plans must cover.
We’re here to help you!
BeWell is the only marketplace in New Mexico that offers no-cost help to enroll in health insurance. Make an appointment with a Certified Assister or call 833-To-BeWell to get help finding a plan today.
