Health Insurance New York
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Health Care for All New York, a statewide coalition of over 170 consumer advocacy organizations, applauded the state’s effort to control costs. “While any premium increase is difficult for consumers to bear, rate review limits increases to those that are justified by legitimate cost trends in the health insurance market,” the group said in a statement. Of the 17 individual plans offered on the exchange, increases will range from 6% for MVP Health Plan to 80.5% for the Crystal Run Health Insurance Company, according to state data. The Health Plan Association, an insurance industry trade group, said state efforts to hold back rate increases in prior years contributed to this year’s sizable hikes.
Health insurance rates set up to 16.6% at New York state
ALBANY — New Yorkers who purchase health insurance through the state’s Obamacare exchange are about to get socked with some steep rate hikes. State officials announced Friday that rates for individual policies offered through the NY State of Health exchange will increase an average of 16.6% in 2017. Rates for small group plans will also jump 8.3% next year, according to data released by the Department of Financial Services, which regulates the insurance industry in New York. Officials said rising costs for medical care and pharmaceuticals were largely to blame for the increases.
“While premiums are increasing nationally, New York’s rates are comparable or lower than rates requested and approved in other states,” said Financial Services Superintendent Maria T. Vullo. State officials argued the new rates are still 55% lower than those offered in New York for individual policies before the Obamacare exchange was created in 2013. They also noted that the rate hikes were lower than those sought by insurers in the spring.