Insurers that participate in New York’s health insurance marketplace are requesting big rate increases for 2018, according to the state’s Department of Financial Services website, which posted the rate requests Wednesday evening.
Obamacare individual insurance providers in New York have requested a weighted average increase of 16.6 percent. The small group market weighted average increase request is 11.5 percent.
The requested increases in the individual market ranged from 4.4 percent to 47.3 percent, depending on the insurer. Sixteen insurers submitted individual rates and 20 insurers submitted small group rates.
CareConnect, a subsidiary of New Hyde Park-based Northwell Health, requested a 29.7-percent increase in the individual market and a 19-percent increase for small group plans.
CareConnect said in a statement that its small-group request is largely driven by what it called a “flawed” federal policy “that was designed to protect the stability of the health insurance market and encourage competition but is having the opposite effect.”
Its rate request for individual plans “reflects the fact that this market has a greater need for medical care than originally anticipated,” CareConnect said.
The rates insurers request will not necessarily be the final rates the Department of Financial Services approves. Under state law, the state could modify the requested rates.
Insurance companies are requesting rate increases nationwide, while some insurers are aggressively cutting their participation in the state marketplaces.