(SANTA FE, N.M.) -- A 6.9-percent rate increase for Blue Cross and Blue Shield of New Mexico plans was approved Tuesday by New Mexico’s insurance superintendent, the Albuquerque Journal reports.
"While increasing premiums is an extremely difficult decision, it is important to respond to the rising costs of medical care and preserve insurance plan choices for New Mexicans," a company spokeswoman said.
The insurance company originally requested a 9.9-percent increase.
The rate increase will be effective Friday and will affect about 31,000 policyholders.
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