Last year, D.F.S. approved an average 5.7-percent increase. Paul Macielak said in a statement. The cut to the 18 insurers’ requests will save policyholders about $430 million next year, the state said.
Advertisement
Obamacare-the Affordable Care Act-has made some incredible strides towards introducing health care to populations that might not otherwise have any options.
“After suffering two years of financial losses when the state significantly reduced premium requests, the rates requested by plans for 2016 are necessary to ensure plans remain viable”, he said in a statement. “The actions of the department bear ongoing security as we monitor the financial stability of plans in the marketplace”.
Still, the region might experience a rate increase of almost six percent. New York is the second-largest state to receive final approval of its rate requests. Small-group insurers will see an average increase of 9.8 percent in health-rates after insurers sought 14 percent increase. The state dropped that more than 30 percent, to 7.1 percent. Just 415,000 people chose private insurance plans; the rest joined Medicaid.
In the individual market, Excellus received approval for a 5.72 percent increase-7.08 percentage points less than its 12.8 percent request. And United, which sought a 22-percent increase, was granted an increase of just 1.65 percent from past year. Eight others requested double-digit increases. The study only covered the 35 exchanges in states that chose to have the federal government operate the exchanges. “It is vital that we continue to attack the underlying factors driving up health insurance premiums in order to bring better care to patients at lower costs”, Albanese said. Those with incomes of 200 percent of the federal poverty level ($23,540 for a one-person household and $48,500 for household of four) will pay a $20 monthly premium per adult.
The story went on to break down the numbers of those uninsured residents who gained health care.
Advertisement
DFS also announced that New York will roll out a new Essential Plan, joining other plans that can be purchased by lower-income New Yorkers through NY State of Health, the state’s official health plan marketplace.
