NY – Insurers seeking Double-Digit Rate Increases
June 2017 ~
New York’s health insurance companies are seeking premium rate increases averaging 16.6% in the individual market and 11.5% in the small group market for 2018.
According to the Department of Financial Services, rate increase requests for 2018 range from 4.4% for Rochester-based Excellus BlueCross BlueShield to 47.3% for HealthNow New York, the Buffalo-based parent of BlueShield of Northeastern New York in Latham. UnitedHealthcare is seeking the largest premium rate hike at 38.5% for plans in the individual market. NYC Health and Hospital’s Metro-Plus are requesting a premium rate increase of 7.9%. Fidelis Care is asking for an 8.5% rate hike across its plans.
A total of 16 insurers have submitted rate filings in the individual market, and the requested premium rate increase averaging at 16.6% for next year. Last year, the state Department of Financial Services denied the request for an 18% increase and approved an average 16.6% increase for individual policies and an average 8.3% for small group policies on the state’s Affordable Care Act (ACA) exchange.
If approved, the requested rate hikes will apply to about 250,000 people who purchase insurance for themselves through the online exchange established four years ago to meet the requirements of the federal ACA.
State administration is currently reviewing the requests that will ultimately sets each insurer’s rate and is expected to respond to the rate requests after a public comment period ends in late July.
Source(s): Modern Healthcare; Times Union; Crain’s New York Business;