Dollar in pool 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.”

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?

 

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2022 ALM Global, LLC. All Rights Reserved.