Health insurance companies offering plans on Maine’s marketplace next year are proposing double-digit rate increases.
Four companies submitted proposed rates to Maine’s Bureau of Insurance.
Community Health Options is asking for an average increase between 20% and 25% for individual and small group plans. United Healthcare is asking for an average 18% jump, and Harvard Pilgrim is proposing an average 9% increase.
Anthem submitted proposed rates that would increase between roughly 8% and 26%.
The insurers say the increases are due in part to the high cost of care, some of which is driven by technological advances and specialty medications. Some also cited the expiration of the enhanced federal premium tax credits which is shifting the risk pool of consumers who purchase insurance.
At least one company said low reimbursement rates for Medicare and Medicaid are a factor because hospitals shift those costs to private insurers.
The Maine Bureau of Insurance will finalize rates in August.
