ALBANY — The state on Friday approved a jump in health insurance rates for 2017 of nearly 17 percent for most New Yorkers.
The Cuomo administration’s Department of Financial Services approved a 16.6-percent increase for more than 350,000 New Yorkers enrolled in an individual plan. Insurance companies had sought a 19.3-percent increase, according to the department.
New Yorkers enrolled in small group plans used by many small businesses will see an increase of 8.3 percent next year, the department stated. Insurance companies had requested that the state regulator approve a 12.3 percent increase.
The 600,000 New Yorkers who have incomes low enough to qualify for the coverage called the Essential Plan won’t see rate increases their low premiums.
“While premiums are increasing nationally, New York’s rates are comparable or lower than rates requested and approved in other states,” said Financial Services Superintendent Maria T. Vullo in the announced released late Friday.
The department said the 2017 rates are higher partly due to the termination of the federal reinsurance program, which insurance companies use to protect them from losses due to huge claim payouts.