August 31, 2023
DFS ANNOUNCES 2024 HEALTH INSURANCE PREMIUM RATES, SAVING NEW YORKERS $732 MILLION
As Health Care Costs Rapidly Rise, DFS Protects Consumers Against Significant Rate Increases
Individual Plan Rates Reduced by 44% from Insurers’ Requested Rates, Saving Consumers $126 Million
Small Group Rates Reduced by 52% from Insurers’ Requested Rates, Saving Small Businesses $606 Million
The New York State Department of Financial Services (DFS) today has approved health insurers’ premium rate increases for 2024, saving consumers and small businesses almost $732 Million. In the individual market, DFS reduced insurers’ requested rates 44%. In the small group market, DFS reduced insurers’ requested rates 52%. Over 1.05 million New Yorkers are enrolled in individual and small group plans.
The rising cost of medical care, including in-patient hospital stays as well as rapid increases in drug prices, continues to be the main driver of health insurance premium increases. In light of the continued increases in costs of health care and other consumer goods and services, DFS held insurers’ profit provisions to only 1.0%.
For additional information on requested and approved rates for the individual and small group markets, visit here.