Insurance plan

The government has approved a health insurance plan for Maine

The federal government has approved Maine’s plan to improve health insurance coverage for small businesses in the state. This includes several innovations never before seen in the country that Governor Janet Mills says will save money for individuals and people who work for small businesses. approved Maine’s request for a state innovation waiver. Health insurance premiums are rising in Maine for 2023, as they are countywide, but Maine’s federal waiver will prevent them from rising as much as they would have. Mills’ office says this means premiums will, on average, be 8% lower in the individual market and 6% lower in the small group market than they would have been without the waiver. For example, it could save a 40-year-old man almost $420 a year on an individual plan. A 40-year-old man with a comparable small group plan could save nearly $200 a year. Under the Waiver Amendment, Maine will merge its individual and small group health markets into a single common market beginning in 2023. This merger will allow for federal funding through the Maine Guaranteed Access Reinsurance Association – which has stabilized the Maine individual market since 2019 – to be expanded to the small group market for the first time. Maine is the first state in the nation under the Affordable Care Act 1332 waiver program to provide federally backed reinsurance to small employers and individuals. The MGARA, supported by federal funding and fees from health insurers, pays a portion of the cost of the most expensive health bills, reducing and stabilizing health insurance premiums. “Small businesses are the backbone of Maine’s economy, providing jobs and crucial benefits like health insurance to tens of thousands of Maine people. It is critical to ensure that health insurance remains affordable, not only for the health of small businesses, but also for the health of their employees,” Mills said. “Our bipartisan health reform legislation will stabilize the health insurance market and reduce health care costs. health insurance for small businesses, building on my administration’s work to make health insurance more affordable for businesses and their hard-working employees.” “I recently helped my adult son purchase coverage on a market in another New England state and couldn’t believe how much more the premiums were than what he would have paid in Maine,” said Senator Heather Sanborn, co-chair of e medical coverage, insurance and legislature insurance. Financial Services Committee. “I’m proud of the work the Legislature and the Mills administration have done to keep rates low, and I look forward to expanding these powerful tools to benefit people who work for Maine’s small businesses.”

The federal government has approved Maine’s plan to improve health insurance coverage for small businesses in the state. This includes several innovations never before seen in the country that Governor Janet Mills says will save money for individuals and people who work for small businesses.

The US Centers for Medicare and Medicaid Services notified the Maine Bureau of Insurance on Friday that it had approved Maine’s request for a state innovation waiver.

Health insurance premiums are rising in Maine for 2023, as they are countywide, but Maine’s federal waiver will prevent them from rising as much as they would have. Mills’ office says this means premiums will, on average, be 8% lower in the individual market and 6% lower in the small group market than they would have been without the waiver.

For example, it could save a 40-year-old man almost $420 a year on an individual plan. A 40-year-old man with a comparable small group plan could save almost $200 a year.

Under the Waiver Amendment, Maine will merge its individual and small group health markets into a single common market beginning in 2023. This merger will allow for federal funding through the Maine Guaranteed Access Reinsurance Association – that has stabilized the individual Maine market since 2019 – to be expanded to the small group market for the first time.

Maine is the first state in the nation under the Affordable Care Act 1332 waiver program to provide federally backed reinsurance to small employers and individuals. The MGARA, supported by federal funding and contributions from health insurers, pays a portion of the cost of the most expensive health bills, lowering and stabilizing health insurance premiums.

“Small businesses are the backbone of Maine’s economy, providing jobs and crucial benefits like health insurance to tens of thousands of Maine residents. Ensuring that health insurance remains affordable, not only for the health of small businesses, but also for the health of their employees, is critical,” Mills said. “Our bipartisan health reform law will stabilize the health insurance market and reduce health insurance costs for small businesses, building on my administration’s work to make health insurance more affordable. for businesses and their hard-working employees.”

“I recently helped my adult son buy coverage at a market in another New England state and couldn’t believe how much more the premiums were than what he would have paid in Maine” said Sen. Heather Sanborn, co-chair of the Legislature’s Health Coverage, Insurance and Financial Services Committee. “I’m proud of the work the Legislature and the Mills administration have done to keep rates low, and I look forward to expanding these powerful tools to benefit people who work for Maine’s small businesses.”