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Long Island News

Health Insurance Companies Are Granted Lowest Rate Hike In 10 Years

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Thomas Breher from Pixabay
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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.