Health Care Committee Update
July 18, 2013

Staff Contact: Lev Ginsburg

Health Insurance Plan Rates

Yesterday, the Department of Financial Services announced that it has approved health insurance plan rates for 17 insurers seeking to offer coverage through New York’s Health Exchange. Those in the market for individual coverage through the Individual Exchange are expected to see prices approximately 50% lower than the current individual market, mainly due to the increased participation in that market from a current level of 25,000 participants to an expected 615,000. Based on an initial review of the rates, small businesses shopping for next year’s health policies will likely not enjoy a similar drop in costs. The rates can be found here.