New York Takes Steps to Curtail Rise in Health Insurance Premiums

4798Health insurance costs for many New Yorkers will jump about 7.5% in 2013, but, thanks to moves made by the state Department of Financial Services, the increases will be substantially less than insurance companies originally intended.

Health insurance premiums for many New Yorkers will jump this year.
Health insurance premiums for many New Yorkers will jump about 7.5% this year -- nearly five percentage points less than insurance companies wanted to hike rates.

State officials used a new law that allows them to rein in rate hikes, allowing insurers to increase the price of health plans an average of 7.5% instead of the 12.4% they asked for, Gov. Cuomo said Sunday.

The move by the state Department of Financial Services affects health plans covering 2.3 million people in the state -- including people who get their insurance from small-group providers and people who buy their own coverage.

The law saves New Yorkers more than $500 million in premium costs.

"We have made progress in holding back rates, but we recognize that much more needs to be done," Cuomo said.


Source: New York Daily News | ERIN DURKIN
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