Health insurance rates to rise by an average of 8% in New York

Data from the New York Department of Financial Services, which succeeds the state’s Insurance Department, shows that New Yorkers can expect to pay at least an average of 8% more on health insurance next year. In other, more populated areas of the state, such as New York City, the rates could get double-digit increases. Regulators have approved rate proposals from several insurance companies. The rate increases will affect more than 2 million policyholders throughout the state. Regulators approved the sleuth of rate increases in the hopes that the move would…

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Excellus of New York files for rate increases, cites soaring health care costs

Excellus Blue Cross Blue Shield of New York has approached state insurance regulators for approval to raise its health insurance rates. The proposal is planned to take effect next year and will impose a 19.5% increase on some of the policies in the state. The company says that the increase is necessary in order to keep up with soaring medical costs. This is the same reasoning that prevails amongst the majority of the nation’s health insurers, but the notion has yet to gain traction amongst lawmakers, who have been tasked…

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