Community Health Options has filed proposed rates decreases ranging from -24.7% to -4.3% for all individual and family health plans (as opposed to those health plans purchased through your employer). These rates are subject to regulatory approval and not yet final. If approved, they would go into effect January 1, 2021.
Following Maine Bureau of Insurance requirements to allow for timely notice and feedback, all individual health plan subscribers will soon receive this information by mail. Once the rates are approved, Health Options will send another letter with each subscriber’s estimated rate decrease.
Click here for a sample summary of the proposed 2021 rate decreases. Please be aware that rates will vary based on a Member’s age, tobacco usage, and region of residence (also known as a “rating area”). Also note that the summary does not include any Advance Premium Tax Credit (APTC) subsidy information. If you enrolled through the Marketplace and continue to qualify for APTC, premiums continue to be capped at a percentage of your income (and based on the second lowest Silver plan premium).
We have been able to propose these reduced rates through our ongoing and consistent efforts to achieve greater efficiencies and cost reductions. As always, we endeavor to provide you with the greatest benefit and service for your premium dollar.
Please contact Health Options Member Services at (855) 624-6463, Monday through Friday, 8 a.m. to 6 p.m. with any questions or concerns.
Health Options requires small groups with 20 or more enrolled to submit a completed Renewal Verification Form prior to receiving a renewal quote. This will provide the up-to-date information we need to determine the appropriate rating method and market segment for the group. We also need your help to ensure that this important paperwork is completed.
A Business Development Account Manager will send you a Renewal Verification Form 90 days prior to a group’s renewal date. We ask that you work with the client to fill out the form and return it within 10 days of receipt. It can be emailed to email@example.com or faxed to the attention of Business Development-Renewals at (207) 402-3745.