July 16, 2024
On June 27, 2024, the Office of Superintendent of Insurance (OSI) issued Bulletins 2024-010 and 2024-011, which taken together announced temporary increases in amounts available through the state’s Small Business Health Insurance Premium Relief Initiative.
Since 2022, OSI has offered a 10% premium reduction for qualifying small group health plans through this initiative. That amount is now temporarily doubled, with an additional 10% premium reduction available for 2024.
Bulletin 2024-010 addresses the period from January 1, 2024, through June 30, 2024, and directs issuers subject to it to reduce premium charges to small group Qualified Health Plan (QHP) purchasers by an additional 10% premium reduction for coverage active for that period by providing credit for coverage in the invoice to small group QHP purchasers or issuing the payment directly to the purchaser.
Bulletin 2024-011 addresses the period from July 1, 2024, through December 31, 2024, and directs issuers subject to it to reduce premium charges to QHP purchasers by the credit amount of 10% for coverage active on July 1, 2024, whether on or off exchange.
Both bulletins require covered issuers to notify small group QHP purchasers of the additional premium reduction credit and all such notifications must be approved by OSI. Both bulletins also include detailed information for issuers regarding reporting, payments, and applications of the additional premium discount.
While these bulletins are directed to issuers, small group employers in New Mexico should be aware of these announcements.
Bulletin 2024-010
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