The rate hikes planned for individual policy holders of Blue Cross Blue Shield of New Mexico health insurance are on hold pending a public hearing. The hearing was ordered by New Mexico’s Public Regulation Commission after it received “numerous complaints,” the Albuquerque Journal reported today.
Approved by the State Insurance Division and originally scheduled to kick in on April 1, rates are currently planned to increase by 29.5 percent for about 18,000 policy holders and in a lesser amount for a smaller set of policy holders. The increases were justified due to rising medical costs and demographic changes, a representative of the insurance division told the Journal last week.
No word yet on when the public hearing will occur.