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Health insurance will be much more expensive if providers get rate increase they want

  • / Updated:
  • Staff Report 

Health insurance providers in New York have proposed substantial rate increases for 2024, citing rising healthcare and drug costs as well as insurance taxes as drivers.


On average, insurers are seeking a rate increase of 20.9% for individual plans and 15.3% for small group plans, which would affect millions of New Yorkers. The proposed rate hikes are now under review by the state Department of Financial Services, which has traditionally lowered requested rates significantly before approval. Last year, for instance, the approved rate increases were 9.7% for individual and 7.9% for small group plans, significantly lower than the requested 18.7% and 16.5%.

Meanwhile, individual health insurance plan rates have seen a cumulative increase of 31.4% since 2019, with small group plans following closely at 30.6%. Notably, New York’s health insurance premiums are among the highest in the nation due to the cost of healthcare services exceeding the national average.