The Representatives Passed House Bill 7 to Ensures the people of New Mexico can continue to have access to affordable health care plans
The Health Care Affordability Fund Distribution Bill passed the Chamber with a bipartisan vote of 51-14.
Representative Reena Szczepanski Presented the bill to the Chamber.
“This bill addresses an issue with the distribution to the fund that has the potential to impact the access to health care for tens of thousands of New Mexicans. This fund was established in 2021 and has enabled New Mexico to create successful programs to reduce consumer cost on the state's health insurance marketplace.”
Representative Szczepanski says the bill would change the distribution of premium health insurance surtax revenues from the General Fund and put them toward the Health Care Affordability Fund.
“The problem that we are trying to address in House Bill 7 is the distribution of revenue to the fund is scheduled to drop significantly starting in fiscal year 2025. The fund currently receives 55% of the revenue generated by the surcharge but this will drop to 30% indefinitely if it is not fixed”
Since it was created, The Affordability Fund has helped thousands of New Mexicans afford health insurance on the Exchange and created an avenue for small businesses to offer insurance to their employees.
$45 million have been saved by 6,000 small businesses and their respected workers on their health insurance costs through programs established by the fund.
