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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New autism insurance law enacted in New York brings coverage to families in need

Insurers in New York must now offer coverage for autism thanks to a new law signed by Governor Cuomo. The old law required insurers to offer only limited coverage for certain forms of autism, but the new law expands that requirement. Governor Cuomo says that the law will help families managing autism to find insurance that is right for their circumstance. New York is the 29th state to adopt such a law, which has been backed by several advocacy groups in the state. Autism treatment can often cost families more…

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Occupy Wall Street protestors target Blue Cross Blue Shield

As snow falls in New York City, the protestors of the Occupy Wall Street movement have set their sights on the health insurance industry. Last week, hundreds of protestors marched to the Empire Blue Cross Blue Shield offices, which are located close to Zuccotti Park, where the Occupy Wall Street movement has taken root. The march culminated at the St. Vincent’s Hospital in Greenwich Village, which had closed in April of this year due to crippling debt. Protestors are demanding the reopening of the hospital, which had accrued more than…

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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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