New Yorkers will save nearly $1 billion on health insurance next year after state regulators slashed proposed rate hikes for 2026.
The Department of Financial Services (DFS) says it trimmed insurers’ requested increases by nearly half—cutting rate hikes for individuals by 47.4% and for small businesses by 45.8%.
That means consumers will save about $148 million, and small businesses will save over $810 million. Around 930,000 New Yorkers are enrolled in these plans.
The state says rising health care and prescription drug costs remain the main reason insurers are seeking higher premiums. But DFS capped insurance company profits at just 1% to ease the burden on consumers.
DFS says it’s continuing to push back against large increases, even as hospitals, medications, and overall costs rise.
You can find more details about the approved rates on the DFS website.
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