Nick Reisman is reporting for State of Politics insurance rates in the individual market will go up by 1.8 percent, while small group plans will see a 4.2 percent increase, New York insurance regulators announced August 13. The increase in the individual market rate is the lowest increase since the Department of Financial Services was given authority over the premium rates 10 years ago. Overall the rate increases are far smaller than what insurance companies requested. More than 1.2 million New Yorkers use either individual or small group plans. “New York stepped up and flattened the curve, but consumers are still feeling the economic effects of the pandemic. Our number one job is consumer protection and ensuring that quality, affordable health care is available to everyone in the state,” Financial Services Superintendent Linda Lacewell said.  Some health insurance companies saw record profits in the first six months of the year as a result of the postponement of elective surgeries with the onset of the coronavirus pandemic. That has resulted in lower payouts for claims than what was initially expected. But the New York State Conference of Blue Cross and Blue Shield Plans are citing the ongoing uncertainty created by testing, vaccine costs and treatments as well as pent-up demand for elective procedures in support of higher rate increases. Read the full story at nystateofpolitics [dot] com