New York regulators on Wednesday approved a slate of health insurance rate increases for next year, covering individual market and small group plans in the state.
In most instances, the Department of Financial Services approved far smaller rate increases than had been sought by health insurance companies.
Officials announced they had reduced individual market rate hikes by 48%; for small group market plans officials reduced requested increases by 52%. The reductions are expected to save about $800 million in costs. Some companies initially sought rate increases of more than 40%, were significantly reduced. read more