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Health insurance rates in New York: Find out how much they’ll rise in 2020

Health insurance rates for New Yorkers will rise on average by nearly 7% next year, while small-group plans will rise 8%, according to state regulators.

The increases will impact about 1.3 million New Yorkers who get their health-care coverage from private insurers, according to the state Department of Financial Services.

The state’s roughly 15 health-insurance companies submit their requested increases to the Department of Financial Services each year. Then the agency usually approves lower increases for each insurer.

The same happened this year. Late Friday, the Department of Financial Services said it reduced insurers’ average increases from 9.2% to 6.8%, saving consumers over $50 million.

For small-group plans, the rates were dropped from 12.2% to 7.9% for 2020, saving small businesses over $313 million.

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