ALBANY, N.Y. — Insurance regulators have approved an average 8.3 percent increase in health-insurance premiums in the Empire State’s small-group market in 2017, the New York State Department of Financial Services (DFS) announced late Friday afternoon.
Health insurers had requested an average rate increase of 12.3 percent, DFS said in a news release.
Premium rates for Excellus BlueCross BlueShield’s small-group health plans in the state will rise by 10.7 percent in 2017. Excellus had requested an average increase of 12.3 percent, according to DFS data. Rochester–based Excellus is the largest health insurer in Central New York.
More than one million New Yorkers are enrolled in small-group plans.
The coming premium increases will be much higher in New York’s individual health-insurance market.
State insurance regulators approved a 16.6 percent average hike in premiums, below the 19.3 percent average increase that insurers had sought, DFS said.
More than 350,000 New Yorkers are enrolled in an individual plan on NY State of Health, New York’s official health-plan marketplace. Many of those customers qualify for tax credits that reduce their coverage costs.
Contact Reinhardt at ereinhardt@cnybj.com
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