As the NY Dept of Financial Services (NYDFS) requires insurers to submit their proposed individual and small group health rates for review at this time every year, we have gathered up the proposed rates from downstate NY and Long Island below.
We have noted in past blogs that we expect rates to go up in 2017, especially in the individual health market for both on and off exchange individual plans. For most individual carrier rates just released, this is holding true. Small group rate increases are definitely more modest than individuals, but still higher than last year.
With the collapse of Health Republic of NY last year, we do not expect NYDFS to scrutinize the requested rate increases as much as they have tended to do in the past. In fact, last year the NYDFS reduced requested rate increases by the carriers by more than 30%. This year, we expect final approved rates to hold closer to the proposed ones.
Small Group proposed rate increases 2016-2017:
Aetna: 9.35% NYC and LI most popular plan
Care Connect NSLIJ: 15%
Emblem: 0 – 6.1% depending on plan
Empire BCBS: 16%
Oxford: 12.8%
Individual proposed rate increases 2016-2017:
Care Connect NSLIJ: 27% Long Island, 32% NYC
Oscar: 8-30% depending on plan
United/Oxford: 46%
For updates on APPROVED rate requests, check back in late August when they are usually released.