Get ready for an increase.
Health insurance rates in New York are set to increase by an average of 3.7% for individuals, and 7.6% for small group plans.
The state made the announcement on Friday, as the Department of Financial Services lowered requests sought by 13 insurance companies that operate in New York.
They had requested to increase rates by 11.2% for individuals and 14% for small groups, which are common among small businesses.
“Particularly due to the economic fallout from the pandemic, we must strive to ensure that quality, affordable health care remains available to all New Yorkers,” Linda Lacewell, DFS superintendent, said in a statement.
Eric Linzer, the CEO of the state Health Plan Association, tells Gannett that the increase comes down to cost for insurance providers, which is set by hospitals and healthcare providers. The Health Plan Association represents insurers. “The major factor driving the growth in premiums is the increase in prices charged by hospitals, providers, and drug companies,” he explained.
Take a look below to see how much rates will increase: