Health insurance premiums for many New Yorkers will jump this year.
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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