Health insurance captive signs members
The state’s new health insurance captive, which offers policies not to the public but a group of members, has attracted 15 employers and could add up to 20 more.
The Legislature earlier this year passed a provision allowing Maine to establish a captive offering health insurance, and the Maine Wellness Association, a nonprofit employer group, chartered the captive insurer. In August it launched MaineSense with its first member, Hutchins Trucking and Atlantic-Great Dane in Portland. Since then, MaineSense has signed on about 15 employers, and has another 15-20 quotes in the works, Joseph Edwards, president of the association, told the Bangor Daily News. About 2,800 employees and their dependents are currently covered through the program. Martin’s Point Health Care administers the program.
While insurance captives are not uncommon, Maine is the first state in the nation to allow them to sell health insurance. Members assume joint liability in the captive, but expect to see reductions in health insurance rates. Central to the program is an emphasis on wellness and preventative care.
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