Health insurance companies in New York had asked the state for significant rate hikes in 2021, but regulators granted them the lowest hike in a decade.
The average rate requested was a nearly 12 percent increase — the state gave them an average increase of almost 2 percent.
Most insurers have reported profits for 2020. The postponement of elective surgeries delayed claim payouts.
A health insurance trade group says the approved 2021 rates could hurt the long-term stability of the insurance market, and do not reflect the potential costs of testing and treatment for COVID-19.
