Press Launch- August 17, 2022: DFS Broadcasts 2023 Well being Insurance coverage Premium Charges, Saving New Yorkers $799.5 Million – DFS.NY.gov

August 18, 2022 By admin

Superintendent of Monetary Providers Adrienne A. Harris introduced at present that the New York State Division of Monetary Providers (DFS has accredited well being insurers’ premium charge will increase for 2023, saving customers and small companies nearly $800 million.  Within the particular person market, DFS decreased insurers’ requested charges 48%.  Within the small group market, DFS decreased insurers’ requested charges 52%.  Over 1.1 million New Yorkers are enrolled in particular person and small group plans.  
“Rising medical prices and inflation proceed to place upward strain on premiums,” mentioned Superintendent Harris. “With our charge actions introduced at present, we proceed to prioritize the monetary wellbeing of customers whereas making certain that New Yorkers have entry to a sturdy, secure medical insurance market.” 
The rising value of medical care, together with in-patient hospital stays and drug prices, proceed to be the principle driver of insurance coverage premium charge will increase, and medical claims have elevated as New Yorkers atone for medical appointments and companies postponed as a result of pandemic.       
Additionally DFS, recognizing the continued uncertainty of the pandemic’s impact on shopper’s well being care prices and the financial system, held insurers’ revenue provisions to a traditionally low 0.5%. 
 Particular person Market   
 Insurers requested a median charge enhance of 18.7% within the particular person market, which DFS reduce by 48% to 9.7% for 2023, saving customers $167.1 million. These charges shall be additional decreased for a lot of customers who’re eligible for federal tax credit.  Final 12 months, over 60% of people who enrolled in a Certified Well being Plan by New York State of Well being obtained the federal premium tax credit to decrease the prices of premiums.  Roughly 262,000 New Yorkers are presently enrolled in particular person business plans.   
These charge selections don’t embody the Important Plan, accessible by NY State of Well being, which as of June 1, 2021 charged no premium for lower-income New Yorkers who qualify.  Multiple million New Yorkers have been enrolled within the Important Plan. 
DFS INDIVIDUAL MARKET RATE ACTIONS   
Firm 
Requested 2023 Price Actions 
Accepted 2023 Price Actions 
DFS Modification (In Proportion Factors) 
CDPHP* 
28.4% 
16.5% 
-11.9% 
Emblem (HIP)* 
34.6% 
9.0% 
-25.6% 
Excellus* 
14.0% 
10.0% 
-4.0% 
Fidelis (NY High quality Healthcare Corp)* 
23.2% 
12.4% 
-10.8% 
Healthfirst Ins Co, Inc. 
12.6% 
8.0% 
-4.6% 
Healthfirst PHSP, Inc.* 
13.0% 
8.3% 
-4.7% 
HealthPlus HP, LLC (Previously Empire)* 
6.9% 
0.5% 
-6.4% 
Highmark (Previously HealthNow)* 
20.5% 
12.8% 
-7.7% 
IHBC* 
10.2% 
6.1% 
-4.1% 
MetroPlus* 
13.0% 
8.1% 
-4.9% 
MVP Well being Plan* 
19.2% 
10.1% 
-9.1% 
Oscar* 
14.6% 
6.5% 
-8.1% 
UnitedHealthcare of NY Inc.* 
16.1% 
9.2% 
-6.9% 
Abstract 
18.7% 
9.7% 
-9.0% 
*Signifies the Firm will provide merchandise on NY State of Well being Market in 2023. 
Small Group Market   
Nearly 850,000 New Yorkers are enrolled in small group plans, which cowl employers with as much as 100 workers. Insurers requested a median charge enhance of 16.5% within the small group market, which DFS reduce by 52% to 7.9% for 2023, saving small companies $632.4 million. Plenty of small companies additionally shall be eligible for tax credit that will decrease these premium prices even additional, such because the Small Enterprise Well being Care Tax Credit score. 
DFS SMALL GROUP MARKET RATE ACTIONS   
Firm 
Requested 2023 Price Actions 
Accepted 2023 Price Actions 
DFS Modification (In Proportion Factors) 
Aetna Well being 
30.6% 
9.7% 
-20.9% 
Aetna Life 
31.0% 
9.7% 
-21.3% 
CDPHP UBI* 
20.1% 
11.0% 
-9.1% 
CDPHP* 
17.4% 
11.5% 
-5.9% 
Emblem (HIP)* 
19.0% 
13.6% 
-5.4% 
Emblem Well being Ins Co* 
45.7% 
13.6% 
-32.1% 
Empire Healthchoice Assurance* 
17.6% 
12.1% 
-5.5% 
Excellus* 
12.9% 
9.4% 
-3.5% 
Healthfirst Ins Co, Inc.* 
15.0% 
8.4% 
-6.6% 
Highmark (Previously HealthNow) 
15.3% 
10.7% 
-4.6% 
IHBC* 
15.9% 
12.9% 
-3.0% 
MVP Well being Plan* 
14.2% 
11.7% 
-2.5% 
MVP Well being Service Corp* 
13.6% 
8.6% 
-5.0% 
Oscar 
19.4% 
12.2% 
-7.2% 
Oxford Well being Insurance coverage Inc.* 
16.8% 
6.0% 
-10.8% 
UnitedHealthcare Ins Co NY 
19.1% 
6.0% 
-13.1% 
Abstract 
16.5% 
7.9% 
-8.6% 
 
*Signifies the Firm will provide merchandise on NY State of Well being Market in 2023. 
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