Health insurance costs surged for thousands of New Yorkers this week after federal tax credits expired at the end of the year.
Gov. Kathy Hochul blamed Washington Republicans for failing to extend enhanced premium tax credits, a move that took effect Jan. 1 and is already driving up costs for about 140,000 New Yorkers who receive subsidies.
Big increases hit immediately
State officials said premiums are rising by an average of 38 percent for affected enrollees. That works out to nearly $1,400 more per year for individuals and about $3,000 more for couples.
In the Finger Lakes, the average monthly increase for a couple is $248, a 42 percent jump. Other regions are seeing similar spikes, with some areas approaching 50 percent increases.
“As we enter the New Year, thousands of hardworking New Yorkers face skyrocketing healthcare costs at the hands of Washington Republicans,” Hochul said. “Their inaction is a disgraceful representation of failed leadership and now their constituents will quite literally pay the price.”
Broader coverage risks ahead
The governor warned that the premium increases are just part of a larger problem tied to federal health care cuts under H.R.1.
State officials said nearly 450,000 New Yorkers enrolled in the Essential Plan expansion population could lose coverage as early as July. Additional Medicaid recipients could also face coverage losses due to new federal requirements.
Hochul said no single state can fully make up for the loss of federal funding. In response, she directed the New York State of Health marketplace to request federal approval to restore the Essential Plan as a Basic Health Program. The move aims to preserve coverage for about 1.3 million lower-income New Yorkers.
Where to get help
The state Department of Health said call centers and enrollment assistors remain available for residents with questions about premiums or coverage options.
New Yorkers can call 1-855-355-5777 or visit nystateofhealth.ny.gov for assistance and updated information.
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