Final 2016 Health Insurance rates in NY have been released by the NYS Dept. of Financial Services. On average, rates in the Individual Health market are increasing 7.1% and those in the Small Group Heath market are increasing 9.8%.
In a press release issued by the Dep. Of Financial Services, requested rate increases by the carriers were lowered by an average of 30% in the Individual market and 32% in the Small Group market compared to rates requested by the carriers. In addition, starting on January 1, 2016, NY will add a new Essential Plan that can be purchased by low income New Yorkers exclusively through NY State of Health. These plans will be available solely for Households with income of up to 200% of the Federal Poverty Level ($23,540 for a household of one, $48,500 for a household of four).
Below is a spreadsheet of individual and small group Requested vs Approved rates.
2016 Individual Market Rate Actions – Overall Summary
Company Requested Approved Reduction
Emblem HIP 13.20% 10.51% -2.69%
Empire HMO 14.50% 13.20% -1.30%
Health Republic 14.36% 14.03% -0.33%
MVP Health Plan 13.48% 10.24% -3.24%
North Shore LIJ 4.93% 4.43% -0.50%
Oscar 4.54% 4.54% 0.00%
Oxford OHP 5.32% -12.25% -17.57%
United 22.00% 1.65% -20.35%
2016 Small Group Rate Actions – Overall Summary
Company Requested Approved Reduction
Aetna Life 23.87% 21.47% -2.40%
Emblem HIP 29.74% 29.74% 0.00%
Empire HMO 9.21% 4.37% -4.84%
Health Republic 20.00% 20.00% 0.00%
MVP Health Plan 7.28% 6.36% -0.92%
MVP Services 16.71% 15.90% -0.81%
North Shore LIJ 3.27% 3.27% 0.00%
Oxford OHI 13.61% 6.75% -6.86%
Oxford OHP 10.58% 3.90% -6.68%
Peak Advisors, Inc is a certified broker for Individuals and Small Groups on the NY State of Health exchange as well as all carriers listed in the spreadsheet above. We work with individuals and small businesses in Suffolk, Nassau, all 5 NYC boroughs as well as Westchester Counties.