2023 New Mexico Statutes › Chapter 59A - Insurance Code › Article 23F - New Mexico Health Insurance Exchange › Section 59A-23F-11 - Health care affordability fund.

A. The "health care affordability fund" is created in the state treasury. The fund consists of distributions, appropriations, gifts, grants and donations. Money in the fund at the end of a fiscal year shall not revert to any other fund. The office of superintendent of insurance shall administer the fund, and money in the fund is subject to appropriation by the legislature for purposes provided by this section. Disbursements from the fund shall be made by warrant of the secretary of finance and administration pursuant to vouchers signed by the superintendent or the superintendent's authorized representative.
B. The purpose of the fund is to:
(1) reduce health care premiums and cost sharing for New Mexico residents who purchase health care coverage on the New Mexico health insurance exchange;
(2) reduce premiums for small businesses and their employees purchasing health care coverage in the fully insured small group market;
(3) provide resources for planning, design and implementation of health care coverage initiatives for uninsured New Mexico residents; and
(4) provide resources for administration of state health care coverage initiatives for uninsured New Mexico residents.
C. If the federal Patient Protection and Affordable Care Act is repealed in full or in part by an act of congress or invalidated by the United States supreme court and eliminates or reduces comprehensive health care coverage for New Mexico residents through medicaid or the New Mexico health insurance exchange, the fund may be used to maintain coverage through the New Mexico health insurance exchange or through medical assistance programs administered by the human services department [health care authority department], provided that coverage is prioritized for New Mexico residents with incomes below two hundred percent of the federal poverty level.
D. Prior to July 1, 2025, the staff of the legislative finance committee shall conduct a program evaluation to measure the impact of changes to the health insurance premium surtax and the creation of the health care affordability fund as it relates to the purpose of the fund.
E. Prior to July 1 of each year, the superintendent shall provide actuarial data from the health care affordability fund to the legislative finance committee.
F. Prior to July 1 of each year, the superintendent, in consultation with the secretary of human services, the secretary of taxation and revenue and the chief executive officer of the New Mexico health insurance exchange, shall work with the legislative finance committee and the department of finance and administration to develop and report on performance measures relating to the health care affordability fund and any programs or initiatives funded by the fund.
History:
Laws 2021, ch. 136, § 4.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law. Laws 2023, ch. 205, § 16 provided that references to the human services department shall be deemed to be references to the health care authority department.
Effective dates.
— Laws 2021, ch. 136, § 11 made Laws 2021, ch. 136, § 4 effective January 1, 2022.