Inflation Reduction Act Becomes Law and Extends Health-Insurance Subsidies Until End of 2025
Albuquerque, N.M. (August 17, 2022) – President Biden signed into law the Inflation Reduction
Act on Tuesday, August 16. The new law will help reduce health care costs for New Mexicans.
It extends federal health-insurance subsidies for up to three years and allows the government to
negotiate prescription drug prices for seniors on Medicare while capping the amount they pay for
out-of-pocket costs.
“New Mexicans will now be able to take advantage of low-cost health care and maintain the
most comprehensive and affordable health insurance options available,” said Maureen Manring,
Director of Communication and Outreach for beWellnm. “Based on the signing of the law, tens
of thousands of New Mexicans will continue to receive health insurance at little or no cost
through the end of 2025.”
To make the most of the cost savings, the Open Enrollment Period for Plan Year 2023 will begin
on November 1, 2022 on beWellnm.com, the health insurance marketplace. It will be offering
dozens of plan options across multiple carriers, including dental insurance. Free local enrollment
assistance and financial assistance continue to be available so New Mexicans can select a plan to
fit their health and budget for 2023.
Health plans must permit New Mexicans to enroll regardless of health status, age, gender, or
other factors that may predict the use of health services.
“Health insurance purchased through beWellnm during the Open Enrollment Period will
continue to allow for financial assistance and may completely eliminate premiums for lowincome individuals and families,” said Manring.
The beWellnm Open Enrollment Period begins on November 1 2022 and lasts until January 15,
2023, for Plan Year 2023. The beWellnm team of certified enrollment counselors, agents, and
brokers are free. They are always available to help those in need to review and explain their
health insurance options through telephone assistance or virtual appointments at (833) 862-3935
or online by visiting beWellnm.com.
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About beWellnm, New Mexico’s Health Insurance Exchange
BeWellnm was created to help individuals and small businesses get access to affordable health
insurance plans. BeWellnm helps consumers compare health insurance plans and choose the plan
that works best for their health needs and budget. BeWellnm also helps individuals determine
whether they are eligible for premium assistance and if so, at what level. Through beWellnm for
Small Business, small businesses are able to purchase competitively priced health insurance
plans and offer their employees the ability to choose from an array of plans. Enrollment
Counselors and insurance agents are available throughout the state to help with signing up for
health insurance.
To find more information on beWellnm, New Mexico’s Health Insurance Exchange, visit
www.beWellnm.com or call us at 1-833-ToBeWell
