New Mexico regulatory changes to Supplemental Health coverages

Effective March 21.

The State of New Mexico (NM) recently made regulatory changes to supplemental health coverages, which requires modifications to Cigna Supplemental Benefits (CSB) Supplemental Health products and product availability in that state. These changes will take effect as of March 21, 2024.

What you need to know.

The below outlines Supplemental Health product availability and modifications in NM as of March 21:

Products no longer available: Hospital Indemnity, Cancer Treatment, and Lump Sum Heart Attack & Stroke.

Products that will remain available: Choice Accident, Flexible Choice Lump Sum Cancer (with changes noted below) and Individual Whole Life.

The Flexible Choice Lump Sum Cancer base policy will experience these changes:
Benefits will be limited to the following, fixed amounts: $10,000/$15,000/$20,000/$25,000/$50,000 (vs. flexibility between $5,000-$75,000).
The reduction schedule re: benefit amounts* will be removed.
All riders will be removed except Return of Premium.
The pre-existing limitation is reduced from 12 months to 6 months.

See the new Flexible Choice Lump Sum Cancer product brochure here.

Please note: As stated, Hospital Indemnity, Cancer Treatment, and Lump Sum Heart Attack & Stroke will no longer be available for sale as of March 21, 2024. Applications must be signed by March 20, 2024, and in our office by April 4, 2024.

Again, these changes are in compliance with NM state regulations. If you have any questions, please contact the ARC at the number below.

As always, thank you for your partnership!

The Agent Resource Center (ARC)

877-454-0923

Monday through Friday, 8:00 AM to 5:30 PM CT

*REDUCTION SCHEDULE (to be removed effective 3/21/24): For any Cancer Diagnosed within the first thirty (30) days after the Policy Effective Date the Cancer Diagnosis Benefit Amount shall be reduced. The reduced Benefit Amount for Cancer will be 10% of the Cancer Diagnosis Benefit Amount shown on the Policy Schedule Page or policy endorsement. In the event an Insured Person is Diagnosed with Cancer within the first thirty (30) days following their Policy Effective Date and the reduced Benefit Amount for Cancer is paid, no other benefits shall be payable and coverage for that Insured Person under this policy will terminate.

All Cigna Healthcare products and services are provided exclusively by or through operating subsidiaries of The Cigna Group, including American Retirement Life Insurance Company, Cigna Health and Life Insurance Company, Cigna National Health Insurance Company, Cigna Insurance Company and Loyal American Life Insurance Company. The Cigna name, logo, and other Cigna marks are owned by Cigna Intellectual Property, Inc.