2018 Final NY Health Insurance Rates Announced for Small Group and Individuals – NYS DFS has released the final approved health insurance rates for small groups and individuals. In a press release on August 15th, 2017 the DFS noted “Underlying medical costs continue to be the main drivers of premium rate increases, reflecting a nationwide trend. For the 2018 individual rates announced today, drug costs account for the largest share (26 percent) of all medical costs, with specialty drug costs increasing about 49 percent. Inpatient hospital costs account for the second largest share of medical expenses (19 percent), followed by physician specialty services (12 percent) and diagnostic testing/lab/x-ray (10 percent).
Overall in NY State, final approved Individual health insurance rate increases average a 14.5% increase, while small group final approved rates average a 9.3% increase.
Below are the individual carriers we work with along with their requested and approved rate increases, along with the approved rates for all seven (7) of the small group carriers who write in the downstate area.
Please note these rates are for all individual plans renewing on January 1, 2018 and all small group plans upon renewal in 2018. Please contact us to discuss any specific questions you have on these rates.
INDIVIDUAL
| Company | Requested 2018 Rate Actions | Final Approved 2018 Rate Actions |
| Care Connect (NorthShore)* | 29.7% | 23.5% |
| Oscar* | 14.1% | 11.4% |
SMALL GROUP
| Company | Requested 2018 Rate Actions | Final Approved 2018 Rate Actions |
| Aetna | 14.9% | 9.1% |
| Care Connect (NorthShore)* | 19.3% | 15.5% |
| Emblem (HIP) | 8.5% | 8.1% |
| Empire BCBS Assurance | 12.9% | 9.8% |
| Empire BCBS HMO | 13.8% | 13.3% |
| Healthfirst Health Plan | 10.0% | 6.1% |
| HealthFirst Ins Co | 10.0% | 4.9% |
| Oscar | -3.2% | -3.2% |
| Oxford/United Healthcare | 11.4% | 8.1% |