Health Insurance Premiums and Rate Increases
Health insurance premiums are the monthly amount you or your employer pay to an insurance company. The insurance company collects premiums from all of its policyholders and uses that money to pay for their medical claims. The insurance company can also use premiums to pay for its administrative expenses and to earn profit.
Premium Rate Increases
Health insurers must make an application to the Department of Financial Services to evaluate their proposed rate changes. The Department reviews the rate applications along with the insurer’s underlying calculations to make sure that any rate increases are justified and not excessive. During its review, DFS may request more information from the insurer and consider comments from policyholders or the public. Rate applications and all documents relating to an application can be found here:
Health Insurance Rate Increase Requests and Public Comments on Proposed Rate Increase
DFS allows policyholders to submit comments about an insurer’s proposed premium rate increase. Insurers must also send their customers a notice about a proposed premium rate increase when they file the application with DFS. This notice should state that an application has been filed and that you can review the application on the DFS website and submit comments about the premium increase. The insurance company is also required to send policyholders a second, more specific notice if a final premium rate has been approved. This notice will contain more specific information about your particular premiums.
- Comments should only apply to open applications.
- Please submit comments within 30 days of the date a filing is posted on the Department website.
- Comments received may be posted on this website. Personal contact information will NOT be shown.
- Including your contact information (address & telephone number) is optional, and will not be made public.
Comments will be considered by Department staff as they review insurance rates change filings for compliance with Department guidelines and actuarial standards.
Submit Comments Online
To submit a comment about an insurer's request for a health insurance rate increase use our secure DFS Portal:
Submit Comments by Mail
To send comments by mail please use the following address:
Health Bureau - Premium Rate Adjustments
New York State Department of Financial Services
One Commerce Plaza
Albany, NY 12257
Insurer Justifications for Proposed Rate Increases
Health insurers must file a copy of a plain-English summary of the reasons they are requesting a premium rate increase. The preliminary justification is intended to provide consumers with a summary and a breakdown of how premiums are spent.
Insurers are also required to post their final justification on their own website. DFS provides access to this document, via our Rate Applications by Company (portal) application when you search for a particular company.
Requested Increase vs. Approved Increase
DFS provides summaries of requested increases and approved increases, sorted by year, market segment (individual or small group) and company.
Summary of Requested and Approved 2019 Rate Actions (DFS portal)
See some of the most frequently asked questions about health insurance rates and increases.