Health Insurers Propose 13% Higher Rates Statewide
Across the state, health insurance companies are requesting higher rates for 2015—for an average increase of 13 percent—but some local insurers have asked the state to approve rates above that average.
MVP Health Plan Inc. and Excellus Health Plan each proposed rate increases of more than 19 percent that, if approved, would start in 2015.
The proposals are up for review with the state’s Financial Services Department until August.
Elisabeth Benjamin, Vice President for Health Initiatives at the Community Service Society of New York, says the rate review process for increases in health insurance is more transparent than in some other states.
“We really prefer this system where the superintendent of Financial Services is really investigating the rates and saying, "Hey, you don't need that very generous rate increase. You might want to just have a more moderate one." And that's happened!”
The state cut 2012 proposed increase from more than 12 percent to 7-and-a-half percent.
The public can review 2015’s proposed rates on the New York Financial Services Department website.