How Health Insurance Rate Increases Affect Premium Tax Credits in Maine

Health insurance rate increases can impact premium tax credits for individuals and families in Maine, as they do in other parts of the United States. Premium tax credits, or subsidies, are designed to make health insurance more affordable for those with lower incomes. These credits are provided through the Health Insurance Marketplace established under the Affordable Care Act (ACA). Here’s how rate increases can affect premium tax credits in Maine:

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Don’t Miss Out: Health Insurance Open Enrollment is Around the Corner!

The changing leaves and crisp autumn air signify more than just a shift in seasons – they also serve as a reminder that health insurance open enrollment is just around the corner. This annual event is a crucial opportunity for individuals and families to secure the coverage they need for the upcoming year. Here’s a short guide to help you prepare for this important period.

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Your Health Insurance 1095A

In the prior tax year, you purchased a health policy. The policy has a full price based on each family members’ age and zip code. Then, an Advanced Premium Tax Credit (APTC) based on your report of estimated household income for that year, reduces the price, sometimes by 90% or more, ensuring that your plan is affordable (and costs less than 9.5% of your income). 

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