As the state continues to reopen, people have been seeking long-postponed non-essential and elective health services, increasing costs and putting pressure on premiums. “New York has made huge strides in fighting the pandemic and ensuring New Yorkers are vaccinated. Over 1.1 million New Yorkers are enrolled in individual and small group plans. In the small group market, insurers requested premium increases of 14.0% on average, which DFS reduced to 7.6%, saving small businesses over $468 million. Rates in the individual market will increase by only 3.7%, saving consumers over $138 million. Lacewell announced today that the New York State Department of Financial Services (DFS) continues to protect consumers by reducing health insurers’ 2022 requested rates, despite health care costs increasing to pre-pandemic levels. Superintendent of Financial Services Linda A. DFS ANNOUNCES 2022 HEALTH INSURANCE PREMIUM RATES, SAVING NEW YORKERS $607 MILLION As Health Care Costs Return to Pre-Pandemic Levels, DFS Protects Consumers Against Unjustified Rate Increases Rate Increases for Individual New Yorkers Held to 3.7%, a 67% Reduction in Insurers’ Requested Rates, Saving Consumers Over $138 Million Rate Increases for Small Groups Reduced By 46%, Saving Small Businesses Over $468 Million Increased Federal Subsidies Available through NY State of Health Mean More New Yorkers Will See Lowest Premium Levels in Recent Years
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