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%.<\/p>\n
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). <\/p>\n
Below is a spreadsheet of individual and small group Requested vs Approved rates.<\/p>\n
2016 Individual Market Rate Actions \u2013 Overall Summary<\/p>\n
Company\t Requested \tApproved\tReduction
\nEmblem HIP \t 13.20%\t10.51%\t -2.69%
\nEmpire HMO \t 14.50%\t13.20%\t -1.30%
\nHealth Republic 14.36%\t14.03%\t -0.33%
\nMVP Health Plan 13.48%\t10.24%\t -3.24%
\nNorth Shore LIJ 4.93%\t 4.43%\t -0.50%
\nOscar \t 4.54%\t 4.54%\t 0.00%
\nOxford OHP\t 5.32% -12.25%\t -17.57%
\nUnited \t 22.00%\t 1.65%\t -20.35%<\/p>\n
2016 Small Group Rate Actions \u2013 Overall Summary<\/p>\n
Company\t Requested \tApproved\tReduction
\nAetna Life\t23.87%\t 21.47%\t-2.40%
\nEmblem HIP \t29.74%\t 29.74%\t0.00%
\nEmpire HMO\t9.21%\t 4.37%\t-4.84%
\nHealth Republic 20.00%\t 20.00%\t0.00%
\nMVP Health Plan 7.28%\t 6.36%\t-0.92%
\nMVP Services \t16.71%\t 15.90%\t-0.81%
\nNorth Shore LIJ 3.27%\t 3.27%\t0.00%
\nOxford OHI\t13.61%\t 6.75%\t-6.86%
\nOxford OHP\t10.58%\t 3.90%\t-6.68%<\/p>\n
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. <\/p>\n","protected":false},"excerpt":{"rendered":"
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 […]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"mc4wp_mailchimp_campaign":[],"footnotes":""},"categories":[1679],"tags":[112,53,48,38,39,16,41],"class_list":["post-3295","post","type-post","status-publish","format-standard","hentry","category-small-business-health-insurance-ny","tag-essential-plan","tag-group-health-insurance","tag-health-insurance-broker","tag-health-insurance-broker-suffolk","tag-health-insurance-exchange","tag-new-york-state-of-health","tag-obamacare"],"yoast_head":"\n