In New York, they will significantly raise the prices of medical insurance: what will rise in price and by how much
'18.08.2022'
Nadezhda Verbitskaya
Some Central New Yorkers covered by group and individual health insurance plans will see double-digit increases in their premiums next year, in line with increases approved by the state, reports Syracuse.
The State Department of Financial Services announced on August 17 that it has approved rate increases ranging from 0,5% to 16,5% in the individual market and rate increases from 6% to 13,6% in the small group market for statewide health insurance.
Insurers asked to increase rates by an average of 18,7% in the individual market, but the state reduced it to 9,7%. Insurers in the small group market asked for an average rate increase of 16,5%, and the government lowered it to 7,9%.
The increase, which the state blamed on rising health care and drug costs, comes into effect on January 1, 2023.
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Approximately 262 New Yorkers are covered by individual plans, while 000 residents are covered by small group plans.
The proposed rate increase does not affect large employers. Many of them are self-financed, meaning they pay for employees' medical requirements.
Market rate hikes for 2023 for individual New York insurers
- CDPHP: 16.5%
- excellus: 10%
- Fidelis: 12.4%
- MVP Health Plan: 10.1%
- emblem: 9%
- Healthfirst: 8.0%
- Healthfirst PhSP: 8.3%
- Health Plus HP: 0.5%
- Highmark: 12.8%
- IHBC: 6.1%
- metro plus: 8.1%
- Oscar: 6.5%
- UnitedHealthcare of New York: 9.2%
- NY average: 9.7%
Growth of rates in the market of small groups:
- Aetna: 9.7%
- CDPHP UBI: 11%
- CDPHP: 11.5%
- emblem: 13.6%
- Empire: 12.1%
- excellus: 9.4%
- Healthfirst: 8.4%
- Highmark: 10.7%
- IHBC: 12.9%
- MVP Health Plan: 11.7%
- MVP Health Service: 8.6%
- Oscar: 12.2%
- Oxford Health: 6%
- United health: 6%
- NY average: 7.9%
