Retiring early is becoming more and more unlikely as an increasing number of Mainers have to work in order to pay for health insurance. Even then, eating, staying housed and staying healthy can be a struggle.
Mainers who purchase health insurance on their own will face higher premiums next year after state regulators approved an average rate increase of 14.8% for individual plans.
Small businesses will also see insurance costs rise, with premiums for small-group plans increasing an average of 13.5%. The new rates take effect Jan. 1, 2027.
The Maine Bureau of Insurance said rising medical expenses, prescription drug costs and payments to health care providers are among the factors behind the increases.
Insurance companies had initially requested larger increases — 16.8% for individual coverage and 15.7% for small-group plans. Regulators ultimately approved lower rates.
“While these final increases are lower than insurers initially requested, we know they will still be difficult for Maine people and small businesses,” acting Insurance Superintendent Timothy Schott said.
About 65,000 Mainers receive coverage through the state’s individual insurance market, most through the Affordable Care Act marketplace at CoverME.gov. More than 70% of marketplace enrollees receive federal tax credits that help reduce their monthly premiums.
State officials are encouraging consumers to review their options and compare available plans carefully when selecting coverage for 2027.
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