Health Insurance Companies Are Granted Lowest Rate Hike In 10 Years
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.