New York health insurers request rate hikes
Jun 03, 2015 6:40 am
Dan Goldberg is reporting at Capital New York health insurers are asking state regulators to approve rate hikes of more than 20 percent for some plans on New York State of Health, the insurance exchange created by the Affordable Care Act. The state's Department of Financial Services, Tue., Jun. 2, posted proposed changes to insurance rates on the individual and small group markets. The weighted average increase is 13.5 percent on the individual market, and 14.3 percent for the small group market. These are only requests. The rates can be reduced by the department before they are approved. An increase in the average premium means a greater subsidy from the federal government, not necessarily a greater burden on the individual consumer. At last count there were almost 513,000 people enrolled in plans purchased through the exchange according to the state health department. Read the full story at Capital New York.