Individual and Family Health Insurance Premium to Rise in 2016
Newsday – August 7, 2015
Premiums to Rise
Health insurance premiums for individuals and families for next year are rising an average of 7.1 percent in New York, the state has announced.
On Long Island, the average rate for the silver plan — the most popular — for individuals and families in 2016 will rise a little less than 6.1 percent, according to the premiums announced July 31 by the state Department of Financial Services.
In the small-business market – which includes businesses with 2 to 100 employees – premiums grew an average of 9.8% statewide and an average of 13.8% on Long Island.
Overall, insurers had requested a 10.4% rate hike in individual and family plans and a 14.4% increase in the small business market.
More than 2.1 million New Yorkers signed up this year for health insurance on the exchange, about 1.5 million of them on Medicaid, the state DOH said on July 29. The acting superintendent of financial services said that the influx of new consumers using the state’s health exchange means rates for individuals will continue to be lower than before its creation. But underlying increases in medical costs continue to be the primary factor contributing to the cost of insurance.
Health Republic received the heftiest statewide increase, 14.03%. On Long Island, Health Republic’s hike for the silver plan on the individual and family market is 13.61% and 19.04% in the small-business market. The changes among the 10 plans offered on Long Island range from, on the silver plan, a 17.46% increase by Empire HMO to an 11.40% decrease by Oxford OHP, a health plan not offered on the state’s health exchange.
In the small business market, the changes in Long Island on the silver plan range from a 29.5% hike by Emblem HIP to a 2.46% increase by North Shore-LIJ CareConnect. This is attributed to the company’s modest increases – only 1.18% on the silver plan for individuals and families on Long Island – to its “unique model” as an insurer directly connected to the North Shore-LIJ Health System.
|Fidelis (NYS Cath)||$379.79||$395.41||4.11|
SOURCE: NYS Dept of Financial Services