Health-law plans in New York seek to raise premiums by 17 percent
Zachary Tracer
Article Last Updated: Wednesday, May 18, 2016 8:55am
Keywords: Associated Press,
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(c) 2016, Bloomberg.
New York health insurers are seeking to raise the premiums that customers pay for individual Affordable Care Act plans by an average of 17.3 percent for next year, the latest in a wave of double-digit increases for the government health program.
Oscar Insurance Corp., a closely held startup, is boosting individual rates by 18.4 percent on average, while CareConnect Insurance Co. is asking for an increase of 29.2 percent. UnitedHealth Group Inc., which is exiting many other states, is seeking to boost New York premiums by 45.6 percent -- the second-highest request in the state.
"Medical costs have gone up, government programs that helped cover our costs are ending, and our members needed more care than we expected," Oscar said in a letter to the state explaining its request.
New York's Department of Financial Services can review the rates and force insurers to lower them. Last year, insurers in the state requested a 10.4 percent increase for individual policies on average, and were allowed to boost rates by about 7.1 percent.
Small group insurers are asking for an increase of 12 percent, the department said. Oxford Health, a unit of UnitedHealth, is seeking a boost of 12.9 percent in the small group market.
jhealthlaw-newyork
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Keywords: NEW-YORK-RATES
(c) 2016, Bloomberg.
New York health insurers are seeking to raise the premiums that customers pay for individual Affordable Care Act plans by an average of 17.3 percent for next year, the latest in a wave of double-digit increases for the government health program.
Oscar Insurance Corp., a closely held startup, is boosting individual rates by 18.4 percent on average, while CareConnect Insurance Co. is asking for an increase of 29.2 percent. UnitedHealth Group Inc., which is exiting many other states, is seeking to boost New York premiums by 45.6 percent -- the second-highest request in the state.
"Medical costs have gone up, government programs that helped cover our costs are ending, and our members needed more care than we expected," Oscar said in a letter to the state explaining its request.
New York's Department of Financial Services can review the rates and force insurers to lower them. Last year, insurers in the state requested a 10.4 percent increase for individual policies on average, and were allowed to boost rates by about 7.1 percent.
Small group insurers are asking for an increase of 12 percent, the department said. Oxford Health, a unit of UnitedHealth, is seeking a boost of 12.9 percent in the small group market.
jhealthlaw-newyork
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Keywords: NEW-YORK-RATES
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