Citing inflation, New York health insurance rates will increase by 10%
Health insurance rates for over a million New Yorkers are going up nearly 10% next year. Citing inflation, state regulators approved insurance rate increases for the health care plans in the individual and small group markets.
The state Department of Financial Services, which approved the new rates, said health insurance companies originally sought roughly 50% more. The companies said rising medical costs require sharp rate hikes, and that the roughly 10% increase doesn’t account for all the challenges of drug and medical care.
Right now, advocates in Connecticut are fighting off a 24% increase in health insurance premiums while other states keep hikes to 10% or less.
This growing cost of health insurance includes federal subsidies that were renewed last week in the Inflation Reduction Act. According to a report last month, without the subsidy health plans would be $1,500 more expensive a year.