Home Under Law Signed by Governor Mills, Average Health Care Premiums for Maine Small Businesses to Drop for First Time Since At Least 2001
Maine successfully reverses trend of increasing health insurance premiums for many small businesses and reduces proposed increase in premiums in individual market as health insurers’ rates are finalized for 2023 plan year
Governor Janet Mills announced today that Maine small businesses will see their first annual average reduction in health insurance premiums since at least 2001.
According to final weighted average rates (PDF) filed by health insurance carriers and approved by the Maine Bureau of Insurance for the 2023 plan year, premiums for the small group market – which serves employers with 50 or fewer workers – will decrease by 0.8 percent, a reduction from an initially proposed increase of 3.42 percent.
It is the first time that average health insurance premiums have decreased in the small group market since at least 2001 when such rates began to be consistently tracked, and it is the direct result of Governor Mills’ Made for Maine Health Coverage Act, which merged the small group and individual markets and extended the protections of the Maine Guaranteed Access Reinsurance Association (MGARA) to the small group market. The Federal government approved the merger through Maine’s first-in-the-nation State Innovation Waiver in July 2022.
The reduction in Maine comes as average small group premiums in many other northeast states...
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