Rate filings show that insurance premiums are on the rise throughout New York
New York is home to some of the highest health insurance rates in the U.S., but insurance coverage is expected to become more expensive next year. Higher rates had been expected next year, but the state’s insurers have only recently released information concerning their plans for 2015 premiums. This information has been opened to the public by the state’s insurance regulators for the sake of transparency and to help people understand what insurers have planned for next year.
Insurers seek to raise rates by an average of 13% beginning in 2015
According to rate filings submitted by the state’s insurance companies, health insurance throughout New York is expected to grow by an average of13% beginning in 2015. This growth is on par with rate hikes that have been seen in the state in the past, but higher than the average rate at which insurance premiums are growing in other parts of the country. For some, rates may grow by more than 13%, while others may see a decline in their insurance rates.
Some insurers seek to raise rates by as much as 25%
Regulators expect that the highest rates will grow is by 25% in 2015. Some insurers are looking to raise rates by a significant margin, citing the growing financial burden of medical care and the growing prevalence of fraud in the state. Other insurers have seen quite a bit of success in the past year and have opted to decrease their rates by a modest amount in order to appeal more to consumers.
State’s insurance exchange may be the best place to find affordable coverage
With rates on the rise, more controversy has been sparked concerning the Affordable Care Act. The federal law was meant to make insurance coverage more affordable for consumers, but insurance companies continue to raise rates for the coverage that they offer. Notably, the New York insurance exchange is likely to be the best place to find the affordable coverage that the federal law has promised, as the exchange itself is designed specifically to sell low cost, yet high value policies.