NYS 2015 Rates Approved
The NYS Department of Financial Services has reviewed individual and small group health carriers’ rate increase requests for 2015, and announced the results of their review.
Interestingly, North Shore LIJ Care Connect was the only insurer to request a rate reduction. With significant expansion steps they are well positioned for Wescthester, Bronx, NYC, SI, Queens and LI. These numbers are across the board and specific plan rate renewal may vary.
Reminder: Individual Exchange Marketplace opens Nov 2015. Rates will be posted upon Health Insurer’s release, check our site.
On average, insurers requested a 12.5 percent increase in health insurance rates for 2015 in the individual market. DFS reduced that average increase more than in half to 5.7 percent – which is below the approximately 8 percent average increase in health care costs.
Small Group Market
On average, insurers requested a 13.9 percent increase in health insurance rates for 2015 in the small group market. DFS reduced that average increase more than in half to 6.7 percent – which is also below the approximately 8 percent increase in health care costs.
You may view the DFS press release, which includes a recap of the increases requested and approved by clicking here.
For specific details on all available health plans in 2015, contact our team at Millennium Medical Solutions Corp (855)667-4621. We work in coordination with Navigators to assist with medicaid, CHIP Child Health Plus, Family Health Plus and Medicare Dual Eligibles. We have Spanish, Russian, and Hebrew speakers available. Quotes can also be viewed on our site.