New York insurers selling plans to individuals asked the state to increase rates by a weighted average of 11.7%, with some citing Covid-19 as necessitating higher premiums next year. One company sought a premium increase of 19.1%, the state Department of Financial Services said in June. Another asked for a price hike of 18.8%. Some upstate companies sought permission to lower their prices by 1.9% and 3.7%, respectively.
The requests are averaged across different plan types and regions and don’t necessarily represent how much more an individual renewing coverage might pay for a given plan. The state typically makes its decision on how it will adjust plans’ rates by August. Last year, plans asked for an average increase of 9.2% and were granted a 6.8% increase.
Insurers selling plans to small businesses requested to raise rates by a weighted average of 11.4%.
The plans complied with rules prohibiting them from collecting co-pays for testing, telehealth and essential workers’ mental health services. They also provided cash advances to hospitals and delayed collecting premiums until at least June 1.
Source: Crain’s New York Business