The individual health insurance market in Maine is broken.
The Superintendent of Insurance has approved premium increases of more than 100% over the past five years, the average deductible sold in this market has increased considerably during the same period, and Anthem Blue Cross and Blue Shield has lost millions dollars over this business the last two years.
The insurance is for the self-employed, as well as young retirees who are not yet eligible for Medicare and young people entering the workforce.
Many people who have insurance are barely hanging by purchasing policies with deductibles that are unreasonably high for their income.
So why are Maine individual health insurance rates among the highest in the country?
The rising cost of medical care and increased use of medical services are driving some of the increases, but Maine insurance laws are a big part of the problem, too.
Guaranteed issue requires health insurance coverage to all persons who seek to obtain. Maine of the community rating law limits the factors that can be used to determine the price of coverage.
Although these laws have been adopted with good intentions, many things have changed in 15 years - especially in health care.
These laws have contributed to all major insurance companies, except leaving the anthem market here. They have led to premiums and deductibles, forcing many people to abandon coverage.
This problem is not unique to Maine. Other states, including Idaho, Kentucky, New Hampshire and Washington, have faced a similar situation
The Superintendent of Insurance has approved premium increases of more than 100% over the past five years, the average deductible sold in this market has increased considerably during the same period, and Anthem Blue Cross and Blue Shield has lost millions dollars over this business the last two years.
The insurance is for the self-employed, as well as young retirees who are not yet eligible for Medicare and young people entering the workforce.
Many people who have insurance are barely hanging by purchasing policies with deductibles that are unreasonably high for their income.
So why are Maine individual health insurance rates among the highest in the country?
The rising cost of medical care and increased use of medical services are driving some of the increases, but Maine insurance laws are a big part of the problem, too.
Guaranteed issue requires health insurance coverage to all persons who seek to obtain. Maine of the community rating law limits the factors that can be used to determine the price of coverage.
Although these laws have been adopted with good intentions, many things have changed in 15 years - especially in health care.
These laws have contributed to all major insurance companies, except leaving the anthem market here. They have led to premiums and deductibles, forcing many people to abandon coverage.
This problem is not unique to Maine. Other states, including Idaho, Kentucky, New Hampshire and Washington, have faced a similar situation
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