Price-of-Water-658x90.jpg

Actions

Health insurers propose significant hikes

Posted at 7:42 AM, May 19, 2016
and last updated 2016-05-19 14:14:58-04

New York health insurers have proposed premium increases averaging 17 percent for next year in the market for individuals and 12 percent for small groups.

The Department of Financial Services often reduces proposed increases before approving them. Approved rates are expected in early August.

The amounts posted Wednesday by the department are averages for an insurer's various plans, including those offered on the New York Health Exchange.

In the individual market, they range from 6.1 percent by MVP Health Plan and HealthNow New York to 89.1 percent by Crystal Run Health Plan.

The small groups proposals range from 5 percent for Healthfirst Health Plan to 61.9 percent for Crystal Run.