NY – 2018 Rate Increases Released

August 2017 ~

The New York Department of Financial Services (DFS) has released 2018 health insurance rates for the state’s individual and small group markets, including rates for the NY State of Health, New York’s official health plan marketplace.

Approximately 350,000 New Yorkers are enrolled in an individual commercial plan and more than one million New Yorkers are enrolled in small group plans.

In a press release on August 15th, the DFS noted “Underlying medical costs continue to be the main drivers of premium rate increases, reflecting a nationwide trend. For the 2018 individual rates announced today, drug costs account for the largest share (26%) of all medical costs, with specialty drug costs increasing about 49%. Inpatient hospital costs account for the second largest share of medical expenses (19%), followed by physician specialty services (12%) and diagnostic testing/lab/x-ray (10%).”

For 2018 DFS reduced insurers’ requested 2018 rate increases by more than 3.8% overall for individuals, granting rate increases of 13.9% overall (ranging from 4.4% for Excellus to 31.5% for HealthFirst).

For small group plans, DFS reduced insurers’ requested 2018 rate increases by 2.4%, granting rate increases of 9.3% overall (ranging from actual decreases for Crystal Run and Oscar to 20.4% for CDPHP.

 

Source(s): Health Management Associates; New York Department of Financial Services; Leavitt Partners;

 

 

AdvantEdge