The New York State Department of Financial Services announced Friday the 2017 health insurance rates for Individual and Small Business plans through the New York State of Health Marketplace. Plans on the individual marketplace will increase by an average 16.6% – the largest increase since the Marketplace opened in 2014. The new rates will go into January 1, 2017. Seven plans offered in Nassau and Suffolk counties were approved for double digit premium increases and 3 of those plans (Affinity, NSLIJ-Care Connect, and United) will increase premiums by more than 20%.
Despite the double-digit increase for many plans, the Cuomo administration touted its vigilance, saying the department reduced insurers’ requested 2017 rate increases by more than 28 percent overall, which will save policyholders more than $302 million. While many consumers qualify for tax credits to assist with the cost of health insurance premiums, consumers should shop around during their re-certification process to determine which plan fits their needs best.
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