Health Insurance Rates Announced in New York

ALBANY, N.Y. (NEWS10) - New York state approved health insurance rates for 2018.

For those who have individual or small group policies, you might be seeing an increase in price.

The New York Department of Financial Services released the approved health insurance rates for 2018 affecting individual and small group policies. Those with individual policies can expect to see an average rate increase of 14 percent and small groups will see an average hike of about nine percent.

“It really varies based on what type of a plan you buy,” Leslie Moran, Senior Vice President of New York State Health Plan Association, said.

New Yorkers eligible for tax credits under the Affordable Care Act and who buy the lowest cost silver plans could actually see their prices drop by five percent.

“It helps bring down the premium cost and some people are qualified for those,” Moran said.

An example provided by the New York State Plan Association shows approximately how your insurance dollar is spent. According to the state department, rising pharmaceutical costs are one of the biggest reasons people have to pay higher premiums.

“Pharmacy costs are the fastest growing piece of health care costs for health plans,” Moran said.

Another large reason for the spike in costs is the Affordable Care Act’s health insurance tax. The tax was supposed to start being implemented in2015, but federal lawmakers delayed the tax to 2018. This tax accounts for three percent of the increase.

“They haven’t made any motion at this point or any attempt yet to further delay it or repeal it so health plans built that federal health insurance tax into the premium.”

Individual and small group health insurance rates:

INDIVIDUAL

Company Original Requested 2018 Rate Revised Requested 2018 Rate DFS Approved 2018 Rate DFS Modification Adjust to Account for Loss of CSR Funding Final Approved 2018 Rate
Care Connect (NorthShore)* 29.7% 29.7% 23.1% -6.6% 1.3% 24.4%
CDPHP* 15.2% 15.2% 14.9% -0.3% 0.3% 15.2%
Crystal Run Health 8.7% 8.7% 6.8% -1.9% 0.0% 6.8%
Emblem (HIP)* 24.9% 24.9% 21.1% -3.8% 0.4% 21.5%
Empire2*            
Excellus* 4.4% 5.1% 4.2% -0.9% 0.2% 4.4%
Fidelis* 8.5% 10.9% 9.6% -1.3% 0.6% 10.2%
Healthfirst Ins Co, Inc. 13.0% 13.0% 12.3% -0.7% 0.0% 12.3%
Healthfirst PHSP, Inc.* 22.1% 22.1% 16.6% -5.5% 1.1% 17.7%
HealthNow* 47.3% 47.3% 31.1% -16.2% 0.4% 31.5%
IHBC* 25.9% 30.8% 22.3% -8.5% 0.0% 22.3%
MetroPlus* 7.9% 7.9% 6.0% -1.9% 1.1% 7.1%
MVP Health Plan* 13.5% 14.0% 13.3% -0.7% 1.1% 14.4%
Oscar* 11.1% 14.1% 11.3% -2.8% 0.1% 11.4%
United Healthcare* 38.5% 38.5% 19.5% -19.0% 0.5% 20.0%
All Companies 3 16.6% 17.7% 13.9% -3.8% 0.6% 14.6%

1 Marketshare is based on percentage of total enrollment of the companies listed for the given market.
2 No increase is shown for Empire because it is offering new products.
3 Weighted Average.
* Indicates the Company offers products on the NY State of Health Marketplace.

SMALL GROUP

Company Original Requested 2018 Rate Actions Revised Requested 2018 Rate Actions Approved 2018 Rate Actions Impact Modification Marketshare1
Aetna 14.2% 14.9% 9.1% -5.8% 6.1%
Care Connect (NorthShore)* 19.3% 19.3% 15.5% -3.8% 7.3%
CDPHP 21.1% 21.1% 20.4% -0.7% 0.2%
CDPHP UBI 8.6% 9.0% 9.0% 0.0% 3.2%
Crystal Run Health Ins 0.0% 0.0% -3.1% -3.1% 0.3%
Crystal Run Health Plan 3.9% 3.9% 0.8% -3.0% 0.1%
Emblem (HIP) 8.5% 8.5% 8.1% -0.4% 0.9%
Empire Assurance 12.9% 12.9% 9.8% -3.2% 0.6%
Empire HMO 13.8% 13.8% 13.3% -0.5% 0.7%
Excellus* 8.0% 8.9% 8.9% 0.0% 17.4%
Healthfirst Health Plan 10.0% 10.0% 6.1% -3.9% 0.0%
HealthFirst Ins Co 10.0% 10.0% 4.9% -5.1% 0.0%
HealthNow* 8.9% 8.9% 8.6% -0.4% 8.2%
IHBC* 14.5% 14.5% 13.9% -0.6% 4.2%
MetroPlus* 5.1% 7.1% 6.0% -1.1% 0.1%
MVP Health   Plan* 8.5% 9.5% 9.5% 0.0% 0.3%
MVP HSC 11.7% 12.8% 12.6% -0.2% 6.3%
Oscar -3.2% -3.2% -3.2% 0.0% 0.0%
OHI 11.4% 11.4% 8.1% -3.2% 44.1%
United Health of NY 15.2% 15.2% 8.1% -7.2% 0.1%
All Companies2 11.5% 11.7% 9.3% -2.4% 100.0%

1 Marketshare is based on percentage of total enrollment of the companies listed for the given market.
2 Weighted average.
* Indicates the Company offers products on the NY State of Health Marketplace.


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