New York State Department of Financial Services
08/30/2024 | Press release | Distributed by Public on 08/30/2024 09:13
Department of Financial Services Announces 2025 Health Insurance Premium Rates, Saving New Yorkers $853 Million
Department of Financial Services Announces 2025 Health Insurance Premium Rates, Saving New Yorkers $853 Million
As Health Care Costs Rapidly Rise, DFS Protects Consumers Against Significant Rate Increases
Individual Plan Rates Reduced by 23% from Insurers' Requested Rates, Saving Consumers $87 Million
Small Group Rates Reduced by 55% from Insurers' Requested Rates, Saving Small Businesses $766 Million
Individual Plan Rates Reduced by 23% from Insurers' Requested Rates, Saving Consumers $87 Million
Small Group Rates Reduced by 55% from Insurers' Requested Rates, Saving Small Businesses $766 Million
August 30, 2024
The New York State Department of Financial Services ("DFS") today has approved health insurers' premium rate increases for 2025, saving consumers and small businesses approximately $853 million. In the individual market, DFS reduced insurers' requested rates 23%. In the small group market, DFS reduced insurers' requested rates 55%. Approximately one million New Yorkers are enrolled in individual and small group plans.
The rising cost of medical care, including in-patient hospital stays as well as rapid increases in drug prices, continues to be the main driver of health insurance premium increases. In light of the continued increases in costs of health care and other consumer goods and services, DFS held insurers' profit provisions to only 1.0%.
See additional information on requested and approved rates for the individual and small group markets.
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