The bureau projects that pooling the market will reduce premiums by an average of 8% for individuals and about 6% for small employers in 2023. (Photo: Shutterstock)
Maine will merge individual and small-group insurance markets under the Affordable Care Act in an attempt to create more stable pricing for health coverage. The Maine Bureau of Insurance said the market for individual health insurance has been stable, but premiums for small-group insurance have been rising as enrollment declines.
"The Governor's Made for Maine Health Coverage Act instructed the Bureau of Insurance to convene a stakeholder group and do the rigorous actuarial work to determine the potential benefit of merging the two markets," Insurance Superintendent Eric Cioppa said. "The implementation of the merger was delayed from 2022 to 2023 based on input from the stakeholder group to undertake further study, which ultimately strengthened the case for the merger."
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