State Approves 14.5 Percent Rate Hike for Health Plans in 2018
Health insurance rates for individuals and group plans in New York will increase next year by 14.5 and 9.3 percent respectively, less than the increases approved last year.
August 17, 2017 at 04:02 PM
3 minute read
Health insurance rates for individuals in New York will increase next year by a weighted average of 14.5 percent and 9.3 percent for small group plans, the Cuomo administration announced.
The health insurance rates announced by the Department of Financial Services earlier this week are lower than the 16.6 percent hike the department approved last year, which were the highest since the Affordable Care Act went into effect in 2014. Insurers in June had requested a 16.6 percent weighted average increase for individuals and 11.5 percent weighted average increase for small group plans.
In a statement, Superintendent Maria Vullo said the rate increase takes into consideration the rising costs of pharmaceuticals and the uncertainty in Washington surrounding the Affordable Care Act.
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