May 7, 2025
Federal enhanced premium tax credits have been instrumental in making health insurance more affordable for thousands of Mainers through CoverME.gov, the state's health insurance marketplace, and are set to expire at the end of 2025 unless Congress takes action to extend them. As a result, Maine consumers will face higher health insurance premiums, potentially putting health coverage out of reach for thousands of Mainers.
Significant Savings for Maine Residents
Overall, the enhanced tax credits are saving Mainers a conservative estimate of nearly $90 million in health care premium savings this year. On average, these credits reduced monthly premiums by $607, including about $180 attributable to the enhanced tax credits. For additional analysis, read Marketplace Health Tax Credits: Helping More Mainers Afford Health Coverage (PDF).
The stories of the individuals and families who have benefited speak for themselves:
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Holly from Hope, ME - Holly has a modest income working as a home care supervisor and relies on the support CoverME.gov insurance coverage and enhanced premium tax credits offer to cover her ongoing health care costs while working to pay off medical debt accrued prior to having insurance coverage. "Without EPTC my monthly premium would double in cost, and I would not be able to afford health insurance that my life relies on. I will likely die without health insurance."
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Scott from North Yarmouth - After losing employer-sponsored coverage, Scott was relieved to find affordable health coverage for himself and his daughter through CoverME.gov. He has always thought he made a good salary, but if the EPTC expires and his health coverage costs increase significantly on top of other increasing living expenses, it will make it challenging to afford living in Maine. "Because of the current cost of living and the cost of health care in Maine, I will not have an option to live here anymore if the enhanced premium tax credits do not continue."
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Stephanie from Fairfield - Stephanie is self-employed and owns a hair salon in Central Maine. Without CoverME.gov, Stephanie has no other option to access healthcare. With this health coverage and the affordability thanks to EPTC, Stephanie can maintain financial stability and a basic quality of life, caring for her husband and aging mother. "Affordable health insurance, and the EPTC that make it possible, allow families like mine to survive, and to live with dignity."
For more stories from CoverME.gov members, read Stories from Maine: How Enhanced Premium Tax Credits Sustain Lives and Communities (PDF).
Broader Implications for Maine's Health Insurance Market
The enhanced tax credits have encouraged more individuals -- including younger and healthier people -- to enroll in health insurance plans, thereby strengthening the insurance risk pool and helping stabilize premiums. By allowing more people to find affordable health coverage, the enhanced tax credits bring more people into the risk pool, allowing health care costs to be spread over a larger group of people. Maine leverages other health coverage affordability tools, like its reinsurance program, which helps protect insurers from very large claims due to high-cost medical services. If these credits expire, it's anticipated that many price-sensitive individuals -- including younger, healthy individuals -- may drop coverage, leading to a less balanced risk pool and potentially higher premiums for remaining enrollees. If Congress does not act soon to extend the enhanced premium tax credits, thousands of Mainers could lose coverage in 2026 due to rising costs.
Enrollment Opportunities
The next CoverME.gov open enrollment will start on November 1, 2025. However, Maine residents experiencing qualifying life events -- such as marriage, divorce, childbirth, adoption, or loss of employer-sponsored coverage or MaineCare -- may be eligible for a Special Enrollment Period. Visit CoverME.gov for more details.
CoverME.gov remains committed to helping Maine residents access affordable health insurance options and is at the heart of Maine's effort to ensure that people can see their doctor, afford their medications, and stay healthy. CoverME.gov is a one-stop shop for health care coverage and the only place Mainers can receive financial assistance to lower monthly premiums and reduce out-of-pocket costs. Eligible Maine people can enroll in MaineCare at any time of year.