28 Oct Need to Know: Maine Small Business Health Insurance Premium Relief Program
The Maine Small Business Health Insurance Premium Relief Program is part of Governor Janet Mills’ Maine Jobs and Recovery Plan. It is paid for by $39 million in federal funding to provide premium payment relief to Maine small businesses who are enrolled in a fully-insured, community-rated small group comprehensive health insurance plan. A small group plan is a plan that covers 50 or fewer employees. We’ve broken the program down so you can find quick answers to common questions. Contact the team at Clark if you need more information.
What is it?
The Maine Small Business Health Insurance Premium Relief Program provides small businesses with short-term financial relief to help recover from the COVID-19 pandemic as part of the Federal American Rescue Plan Act.
Who is eligible?
Businesses who are enrolled in a fully insured, community-rated small group comprehensive health insurance plan are eligible. Businesses with these plans generally have fewer than 50 enrolled employees.
This program includes all health insurance carriers in Maine that currently offer fully insured, small group plans. The insurers participating are Aetna, Anthem, CHO (Community Health Options), Harvard Pilgrim, and United Healthcare.
How does it work?
The program provides monthly premium payment relief to eligible employers. Insurance companies will show the premium credit amounts in the monthly invoice provided to the employer.
How much is the credit?
The initial credit amounts are expected to be $50 per adult + $30 for plans that include coverage for a child.
- Single Adult: $50
- Two Adults: $100
- One Adult & Child(ren): $80
- Two Adults & Child(ren): $130
When does it apply?
November 1, 2021 – April 30, 2023
The program will run for 18 months, depending on the continued availability of funding. Any policy in force at any time during the eighteen-month period is eligible for the premium subsidy.
Employers with qualifying health plans do not need to do anything to participate in the program. Insurance carriers will reach out to explain the program further.
Questions? We Can Help!
To learn more about the relief program, check out this Information Sheet from Maine.gov, or view our one-page overview of the program here. At Clark, we have agents focused solely on health insurance; specifically trained to understand and help our clients understand federal regulations and guidelines. Contact us today!