New York health insurance rates were set
\nearly this month for 2015, including rates for
\nthe health benefits exchange (NY State of
\nHealth) established in 2013.<\/p>\n
Benjamin M. Lawsky, state superintendent
\nof financial services, said rates for individuals
\nwill continue to be more than 50 percent lower
\nthan they were prior to the establishment
\nof the exchange – even before adjusting for
\ninflation or federal financial assistance that
\nis available to many consumers purchasing
\ninsurance.<\/p>\n
He said a substantial influx of new, previously
\nuninsured customers has helped drive
\ndown overall premium rates in this market
\nsignificantly. Nearly one million New Yorkers
\nenrolled in individual health insurance coverage
\nthrough NY State of Health during its first
\nopen enrollment period, including approximately
\n370,000 who enrolled in private plans.<\/p>\n
Overall, in both the individual and small
\ngroup markets, DFS cut by more than half the
\naverage proposed premium rate increases that
\nhealth insurers requested for 2015. This action
\nwill save policyholders an estimated $1 billion
\nnext year, according to Lawsky.<\/p>\n
“We closely scrutinized the proposed rate
\nincreases insurers requested and reduced
\nthem significantly where appropriate,” he said.
\n“While we have made substantial progress in
\nreforming our health care market and holding
\ndown costs, there is much more work ahead.
\nWe will continue to engage with consumer
\ngroups, insurers, providers, and other stakeholders
\nas we move forward with that effort.”<\/p>\n
“New York is continuing to serve as a leader
\nin implementing health care reform,” said
\nDonna Frescatore, executive director of NY
\nState of Health. “The success of our state’s health exchange and commitment to doing
\nthe job right is delivering a dramatic improvement
\nin the affordability and accessibility of
\nhigh-quality health insurance coverage for
\nNew Yorkers.”<\/p>\n
Lawsky said on average, insurers requested
\na 12.5 percent increase in health insurance
\nrates for 2015 in the individual market. DFS
\nreduced that average increase more than in
\nhalf to 5.7 percent.<\/p>\n
Most of the average increase (4.5 percent)
\nin individual rates is due to an expected
\nreduction in a federal reinsurance program
\nfor insurers, which is provided through the
\nfederal Affordable Care Act (ACA). Without
\nthe impact of that ongoing phase out, the average
\nincrease would have been approximately
\n1.2 percent.<\/p>\n
Many New Yorkers meeting certain income
\nthresholds are also eligible for federal financial
\nassistance when purchasing coverage on the
\nNY State of Health, which would lower costs
\neven further for them, said Lawsky. People
\nwith incomes below 400 percent of the federal
\npoverty level ($46,680 for individuals
\nand $95,400 for a family of four), can qualify
\nfor financial assistance that lowers cost of
\ncoverage.<\/p>\n
The next New York State of Health open
\nenrollment period begins on Nov. 15 for coverage
\nstarting on Jan. 1. New Yorkers eligible
\nfor Medicaid and all children can enroll in
\ncoverage through NY State of Health at any
\ntime during the year.<\/p>\n
The Small Business Marketplace for employers
\nwith 50 or fewer employees is open to enrollment
\nthroughout the year. For more information
\nabout the NY State of Health exchange, visit,
\nhttps:\/\/nystateofhealth.ny.gov\/.<\/p>\n","protected":false},"excerpt":{"rendered":"
New York health insurance rates were set early this month for 2015, including rates for the health benefits exchange (NY State of Health) established in 2013. Benjamin M. Lawsky, state superintendent of financial services, said rates for individuals will…<\/p>\n","protected":false},"author":121,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[57,82,102],"class_list":["post-15625","post","type-post","status-publish","format-standard","hentry","category-insurance-employee-benefits","tag-business-news","tag-healthcare","tag-ny-state"],"yoast_head":"\r\n