Governor Mills: Holding Down Health Insurance Costs for Maine’s Small Businesses

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Hello, that is Governor Janet Mills and thanks for listening.

You realize since my very first day in office after I signed the Executive Order expanding MaineCare because the people of Maine had voted to do by greater than 60 percent, my Administration has also been working to make medical insurance more cost-effective for Maine people.

We’ve got restored programs that cut the prices of pharmaceuticals for seniors, we’ve protected medical insurance coverage for individuals with pre-existing conditions, we’ve expanded coverage for dental and reproductive health care services, we’ve invested in our current and future health care workforce, and we’ve targeted direct relief to Maine’s small businesses who’re grappling with the high cost of health care and medical insurance. 

In March of 2020, I signed into law, with the bipartisan support of the Legislature, my Made for Maine Health Coverage Act. This Act improves medical insurance coverage and holds down medical insurance premiums for small businesses. Because of that recent law, we reversed the trend of steadily increasing medical insurance costs for a lot of small businesses next 12 months for the primary time since a minimum of 2001.

In 2023, premiums for the small group market – which serves employers with 50 or fewer employees – will decrease by a median of 0.8 percent, as a substitute of accelerating by 12 percent which might have been the case without the plan.

That decrease in costs in Maine comes as average small group premiums in lots of other northeast states are increasing. Rhode Island is scheduled to see a median of 11.5 percent increase, Vermont a median of 11.7 to 18.3 percent, Connecticut by a median of 14.8 percent, and Recent York a median increase of seven.9 percent.

This average reduction in Maine medical insurance costs is a victory for a lot of small businesses and their hardworking employees who depend on the small group marketplace for medical insurance, and it couldn’t come at a greater time. As Maine small businesses grapple with high costs from inflation, that is one thing they may have slightly less to fret about.

I’m pleased with this progress under our watch, progress that builds on other investments we’re making in my Jobs & Recovery Plan to lower medical insurance costs for Maine’s small businesses. These investments include $39 million to launch the Small Business Health Insurance Premium Relief Program which lowers the fee of monthly medical insurance premiums for small businesses and their employees.

I’ll proceed to do all I can to support Maine’s small businesses and the entrepreneurs who’re interested by starting a business here in Maine, especially in relation to lowering the fee of high-quality health care.

Now in the event you are on the lookout for medical insurance, you possibly can learn more about your coverage options at Maine’s state-based marketplace, CoverME.gov. That’s CoverMe.Gov.

That is Governor Janet Mills and thanks for listening.

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