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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