Average premium rates in the small group (under 50 employees) market will increase 17.5% in 2026, according to the Maine Bureau of Insurance.

Rates next year will increase 23.9% on average in the individual market.

These rate increases are slightly less than requested by insurers and reflect a continuing problem with escalating costs of healthcare.  Maine’s top insurance regulator, Bob Carey, says the “higher rates are being driven by the increasing cost of medical services, the growing cost of prescription drugs” and uncertainty of federal policies.

More information about health insurance and tools for small business or consumers can be found on the Bureau of Insurance website: www.maine.gov/pfr/insurance