Health insurance providers in New York are seeking an average rate increase of 20.9% next year for individuals and 15.3% for small group plans, state records show.
Insurers say the rate increases are needed, in part, due to the rising prices charged for health care and drugs, as well as government taxes on insurance.
The proposed changes would impact millions of New Yorkers who are enrolled in individual and small group plans directly through private insurers or through the state’s health exchange, NY State of Health.
Now, the state Department of Financial Services, which regulates insurers, is reviewing the rate proposals and will consider adjustments before finalizing the 2024 rates in August. Historically, the state agency has significantly reduced the rates from those sought by insurers.
Last year, for example, regulators approved average rate increases of 9.7% for individuals and 7.9% for small group plans. That was down from the 18.7% and 16.5%, respectively, sought by insurers.
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How much have NY health insurance rates increased?
Meanwhile, the average rates for individual plans have gone up a total of 31.4% since 2019, with an average yearly increase of about 6%, according to a recent Health Plan Association report. For small group plans, that total increase was 30.6%.
The proposed individual rate increases for next year vary from a high of 52.7% through Emblem to a low of 13.3% through MVP Health Plan.
Health insurance premiums in New York are among the nation’s highest due in large part to the prices charged for health care services, which are much higher than the national average, the report asserted.
From 2017 to 2021, for example, the price of health care services grew nearly 14% nationally, while increasing more than 18% in New York, the report noted.
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