Maine Bureau of Insurance Releases Insurance Plan Rates
Two insurance companies, Anthem and Main Community Health Options, will be selling qualified insurance plan on the Maine insurance exchange when it opens for enrollment on October 1. The Maine Bureau of Insurance released the premium rates for 24 plans that will be offered by these two insurers. In addition, the bureau also released a side-by-side summary that will allow residents to compare the variety of plans they will have to choose from in the fall.
Although the rates have been approved by the state, they will still require approval from the federal government. This approval is expected to come in September, well before residents will be able to enroll in the Maine health insurance marketplace. All Americans must be covered by a qualified health plan starting January 1, 2014 or pay an annual fine for noncompliance.
In addition to the individual rates, the Bureau also released rates for small businesses; however, the comparison summary sheet is not yet available. Small companies with fewer than 100 employees will be able to use the SHOP Maine insurance exchange to provide benefits to their employees.
Maine Insurance Exchange Rates Will VaryThe released rates are referred to as “base rates” and will vary from individual to individual based on several factors including age, smoking status, where they live and which policy they choose. In addition, many residents will pay less than the posted rates because they are eligible for federal subsidies to lower the cost of premiums.
In general, older Maine residents living in rural regions will pay more for a health insurance policy than young Maine residents living in the city. This rate structure has not changed from how premiums are currently calculated, but there will be more choices on the Maine insurance exchange for each resident than there are now. Moreover, the rates differential between rural and urban residents will be significantly smaller.
According to the “base rates”, premiums range from approximately $100 per month for a catastrophic plan to $1,450 for a higher-level plan that requires fewer out-of-pocket costs. Other than the catastrophic plans, which are only available for people under the age of 30, all new health insurance plans must cover essential health benefits. These benefits are far more comprehensive than what are offered with most individual plans today, including the coverage of maternity care and prescription drugs.
Anthem and Maine Community Health Options are both offering Bronze, Silver, Gold and catastrophic policies, but there will be no Platinum plans available in 2014. Platinum plans offer the highest level of coverage with the lowest out-of-pocket costs; however they are much more expensive than the other plans.
Following shows rate sheet released for qualified health plans in Maine Insurance Exchange.
Maine Insurance Exchange Plan Rates Comparison
Maine Insurance Exchange Catastrophic Plan Rates
Maine Insurance Exchange Bronze Plan Rates
Maine Insurance Exchange Silver Plan Rates
Maine Insurance Exchange Gold Plan Rates
Who Will Qualify for Subsidies?
Currently, there are approximately 124,500 Maine residents who have small-group or individual health policies, but 133,000 do not have insurance at all. These are the people who will most likely qualify to purchase health insurance on the Maine health insurance marketplace. About 130,106 uninsured residents are expected to be eligible for subsidies to buy individual policies on the Maine insurance exchange or for Medicaid. Maine has elected not to expand Medicaid, though, so fewer people than originally thought will be able to enroll in the government program.
Outreach Plans Underway
Maine received 19 grants totaling $1,405,623 to fund 19 health centers that operate 140 sites across the date to assist their patients with enrollment into the Maine insurance exchange. These centers served over 181,000 people in 2012 and are expected to help more than 18,000 with insurance education and enrollment once Obamacare goes into effect.Looking for Affordable Health Insurance? You can use this SINGLE PAGE form to get affordable Maine health insurance quotes outside exchange and save money. If you are above 64 years, then use this link to Get FREE Medicare quotes from the most trusted carriers. (Both, our recommended affiliate links)