Open enrollment for Maine's health insurance marketplace begins this Friday, Nov. 1. But its director is already looking ahead to 2026, when enhanced tax credits first implemented during the COVID-19 pandemic are set to expire.
The enhanced tax credits help more than 50,000 Maine consumers save thousands of dollars a year, said Hilary Schneider, the director of Maine's health insurance marketplace, during a recent online press briefing.
"Maine is the oldest and the second most rural state in the nation," she said. "These factors contribute to higher than national average health care costs. Which means our residents face some of the highest health insurance costs."
Schneider cited the case of a 60-year-old man from Oxford County with multiple sclerosis. She said he was able to switch careers and become self-employed because his marketplace health insurance was affordable. But that could change if the tax credits aren't extended.
"He could lose the tax credits altogether, and would have to pay more than $1,500 per month or nearly $20,000 a year," she said.
The enhanced tax credits are set to expire at the end of next year. But advocates say Congress needs to take action now because insurance companies are already making coverage decisions for 2026.
