Insurers on the New York health exchange are requesting rate hikes averaging 13.5%, with some companies going as high as 20%.
Health insurers in New York are seeking an average 13.5 percent rate increase in 2016, saying the state has wrongly lowered their requests for premium hikes in recent years.
The 18 insurers requested the 13.5 percent increase for individual policyholders and 14.3 percent for small-group policies, the state Department of Financial Services, which oversees the industry, said on Tuesday.
Last year, Forbes Magazine warned that New York health insurers would have to raise costs to remain sustainable.
While the New York Obamacare exchange has been touted as one of the more successful in the country, their approach has “continued to make insurance needlessly expensive for the healthiest and youngest enrollees, especially middle-class, uninsured families seeking affordable health insurance.”
They also warned that New York has a limited amount of time to make their exchange self-sustaining and get medical costs under control. If not, they will saddle “consumers and taxpayers with ever higher costs.”
Saddle up, New York.
This is simply a continuation in the upward trend in health care costs for the Empire State.