2017 New Mexico Statutes
Chapter 59A - Insurance Code
Article 54 - Medical Insurance Pool
Section 59A-54-14 - Deductibles; coinsurance; maximum out-of-pocket payments.
59A-54-14. Deductibles; coinsurance; maximum out-of-pocket payments.
A. Subject to the limitation provided in Subsection C of this section, a pool policy offered in accordance with the Medical Insurance Pool Act shall impose a deductible on a per-person calendar-year basis. Deductible plans of five hundred dollars ($500) and one thousand dollars ($1,000) shall initially be offered. The board may authorize deductibles in other amounts. The deductible shall be applied to the first five hundred dollars ($500) or one thousand dollars ($1,000) of eligible expenses incurred by the covered person.
B. Subject to the limitations provided in Subsection C of this section, a mandatory coinsurance requirement shall be imposed at the rate of twenty percent of eligible expenses in excess of the mandatory deductible.
C. The maximum aggregate out-of-pocket payments for eligible expenses by the insured shall be determined by the board.
History: 1978 Comp., 59A-54-14, enacted by Laws 1987, ch. 154, 14; 1991, ch. 200, 11; 2001, ch. 352, 9.
