Final 2020 NY small group health insurance rates released by DFS
DFS has released final approved rates for 2020 NY small business health insurance plans in downstate NY. After coming off a year with relatively flat or even declining rates in 2019, insurers received an average rate increase of 7.9% for 2020. The federal ACA Health Insurance Tax, which was reimposed for 2020, accounts for approximately 3% of these rates. Without this tax, the increase would have been 4.7%.
When you factor in a flat rate for 2019, most NY small business health insurance plans will see rate increases over the entire 2019 and 2020 contract years in the low to mid single digits which is historically low for the past 10 years.
Should you wish to review rates for all carriers, you can request a summary comparison of all carriers and networks here.
| Company | Requested 2020 Rate Actions | Approved 2020 Rate Actions |
| Aetna Life | 9.3% | 1.1% |
| Emblem (HIP) | 5.9% | 4.9% |
| Empire Healthchoice Assurance | 8.5% | 8.5% |
| Healthfirst Insurance Company, Inc. | -4.7% | -4.7% |
| Oscar* | 17.5% | 17.5% |
| Oxford Health Insurance Inc. | 15.9% | 9.6% |
Peak Advisors, Inc. is a group health insurance brokerage located on Long Island, NY. We specialize in NY small business health insurance plans consisting of 1-100 employees throughout the tri-state area. In addition, we write a full array of Business, Personal, and Senior Insurance products.
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