Health insurance open enrollment brings increased costs for 2026

The annual enrollment period, or AEP, for 2026 health care insurance coverage is imminent. For those who qualify for insurance through New Mexico's health insurance marketplace, BeWell, applications are being taken Nov. 1 through Jan. 15, 2026. For Medicare recipients, the eight-week window is open and continues through Dec. 7.

During AEP, New Mexicans have the opportunity to enroll in a health plan for the first time or to review and change coverage to better meet their needs in the new year.

BeWell is where New Mexico residents who don't get insurance through an employer, Medicare or Medicaid can shop for health care insurance plans. It helps individuals and families see how much financial assistance is available and decide which plan is for them. Medicare is generally for people 65 or older and individuals younger than 65 with disabilities.

In addition to enrolling on time and considering plan options, consumers in both groups should be aware that prices are set to increase.

For Medicare, the standard Part B premium is projected to rise by $21.50 to $206.50 per month, and the Part B deductible is set to go from $257 to $288, according to medicareresources.org. Other changes include a cap on out-of-pocket prescription drug costs at $2,100 for Medicare Part D. Part D premiums and deductibles will also increase, the site states.

Rates for Affordable Care Act plans purchased through BeWell will go up an average of 35.7% next year. More than 70,000 New Mexicans buy health insurance through BeWell and pay an average of $112.34 per month, said New Mexico's Superintendent of Insurance Alice Kane. After the rate increases take effect Jan. 1, the average cost will go up to a projected $152.45 monthly, though different plans will raise their rates by varying amounts. The changes are the result of a combination of increasing costs for medical services and high demand for health care.

"State insurance regulators across the country are grappling with rising health insurance costs," Kane said in an August statement.

To prepare for open enrollment, marketplace-qualifying consumers can use BeWell's shop-and-compare online tool. It is anonymous and helps people see the premiums and the savings that different plans offer. Medicare recipients can find more information at medicare.gov. The official website allows you to compare plans by filtering for specific benefits, costs and provider networks.

For marketplace customers facing a cost-prohibitive increase, BeWell's Chief Experience Officer Alex Sanchez said a BeWell adviser can help them find another plan that might be a better fit for their budget. In fact, BeWell officials encourage anyone with questions to contact them, whether they qualify for insurance through the state or through Medicare. New Mexicans enroll in Medicaid and Medicare via a different platform, but BeWell advisers can still help direct them there.

"We have a single, streamlined application, which means there's no wrong door," Sanchez said. "One of the things we like to tell people is, even if you're not going to be a BeWell customer, we can help you."

New Mexicans already enrolled in marketplace coverage will receive renewal notices starting Nov. 1. People who are satisfied with their existing coverage through BeWell do not need to re-enroll to get coverage for 2026.

However, anyone wishing to make a change must choose a plan during the open enrollment period. Newly-qualifying people and those experiencing an eligible life event — like losing health coverage, getting married, having a baby or becoming a U.S. citizen — are the only people allowed to make changes outside of the enrollment period and only if they take action within 60 days of the event.

BeWell offers health insurance from UnitedHealthcare, Molina Healthcare, BlueCross and BlueShield of New Mexico, and Presbyterian Health Plan at a variety of costs and coverage levels. Dental insurance is available through Best Life and Health Insurance Co. and BlueCross and BlueShield of New Mexico.

Medicare recipients should be aware that AEP season is when Medicare-related scammers become more active. The Federal Trade Commission warns people to learn to avoid them by being wary of unsolicited calls or emails and to only share personal information with trusted sources. For more details on how to protect yourself, visit consumer.ftc.gov.