The New York State Department of Financial Services (DFS) has approved health insurance premium rate increases for health insurers doing business in New York.
The state agency said last week that overall, it has cut the requested rate increases for small group plans by half, cutting them by 52%, and also made a substantial cut in the increases requested for the individual plan rates, cutting those increases by 44%.
DFS said that its actions saves consumers and small businesses almost $732 million. The state said that more than one million New Yorkers are enrolled in individual and small group plans.
In terms of two of the HMO’s who do a lot of business in the Rochester area, Excellus Blue Cross Blue Shield, and MVP Health Plan, Excellus saw its request for an increase in small group plans, reduced slightly, to 12%. The company had requested a 12.6% increase.
MVP was granted a 10.3% percent increase for small group plans. It had requested an 11% increase.
For the ‘individual market,’ Excellus was granted a 12.2% increase; it had requested a 15.2% increase.
Also for the individual market, MVP requested a 13.3% increase; that was cut in half to a rate hike of 6.5%.
What you actually pay for health insurance can vary due to a variety of factors, including how much of a benefit may be provided by your employer.
State officials said that the rising cost of medical care, including in-patient hospital stays as well as rapid increases in drug prices, continues to be the main driver behind health insurance premium increases.
A trade group, the New York Health Plan Association, issued a statement saying that the state’s health care costs are among the highest in the country, and the association said that it remains committed to working with state officials on measures to contain costs and expand coverage.
