On February 19, 2026, the New Mexico Insurance Department released a statement addressing the recent increase in health insurance premiums in the state.According to the statement, several health insurance companies operating in New Mexico have requested significant rate hikes for the upcoming year. These rate increases range from 10% to over 20%, with some plans seeing even higher spikes in premiums.The Insurance Department attributed the rise in premiums to several factors, including the rising cost of healthcare services, increased utilization of medical services, and prescription drug costs. Additionally, the department noted that the ongoing COVID-19 pandemic has put added strain on the healthcare system, leading to higher costs for insurers.In response to these rate hike requests, the Insurance Department has announced that it will be conducting a thorough review of each company's proposed premium increases. The department stated that it will ensure that any rate hikes are justified and in compliance with state regulations.Furthermore, the Insurance Department is encouraging consumers to carefully review their current insurance plans and shop around for alternatives if necessary. The department also highlighted the importance of utilizing preventive care and managing chronic conditions to help mitigate future healthcare costs.In conclusion, the New Mexico Insurance Department is committed to protecting consumers and ensuring that insurance companies operate fairly and transparently. The department will continue to closely monitor the situation and take action as needed to safeguard the interests of New Mexico residents.