Big Changes Ahead for 2015, Group Health Insurance Rate Requests Slashed for Small Businesses
Benjamin M. Lawsky, NYS Superintendent of Financial Services, recently announced the setting of New York group health insurance rates for 2015. Good news for Employers in the Small Group Market.
On Average, Insurers requested a 13.9 percent increase in Health Insurance Rates for 2015 in the small group market. The Department of Financial Services (DFS) responded by reducing that average increase (more than in half) to a mere 6.7 percent, which also falls below the average annual increase of 8 percent in overall health care costs. In addition, a number of small businesses will be eligible for tax credits that could lower premium costs even further.
The following is a chart of companies selling group health insurance in NY State detailing requested rates increases and the actual DFS approved and lowered rates.
2015 SMALL GROUP MARKET RATES
|CDPHP Universal Benefits, Inc.||11.24%||4.96%||-6.28%|
|Health Republic Insurance of New York||5.89%||3.36%||-2.53%|
|Independent Health Benefits Corp.||5.44%||3.87%||-1.57%|
|MetroPlus Health Plan||30.60%||14.41%||-16.19%|
|MVP Health Plan, Inc||13.62%||11.76%||-1.86%|
|Care Connect (North Shore-LIJ)||-14.61%||-14.61%||0.00%|
|Oxford Health Insurance||12.23%||3.21%||-9.02%|
The Small Business Marketplace for employers with 50 or fewer employees is open to enrollment throughout the year.