As the 2015 state legislative session draws to a close this week, a troublesome “rate review”/”prior approval” bill has come up last minute and appears to be moving. The bill would weaken New York’s landmark prior approval system where state regulators review and revise health insurance annual premium rate increases. See HCFANY’s statement of […]
New York’s Prior Approval law protects consumers Each year health insurance companies in New York submit applications to the Department of Financial Services (DFS) that explain their requests to raise, lower, or maintain the premiums they charge consumers for health insurance coverage. Thanks to a strong state law, New York’s DFS can reduce rate […]
It is a great day for New Yorkers. The Cuomo Administration announced that it has slashed insurance companies’ proposed rate hikes by over 50 percent for people covered through the New York State of Health Marketplace and in the individual and small group markets. “This is great news for consumers and small employers alike,” said […]
The New York State Department of Financial Services is currently reviewing insurance companies’ rates for the coming year, 2015. Overall this year, 11 insurers asked for rate increases and four asked for decreases. You can read insurer rate applications here. Members of the public have the chance to comment on the rates. HCFANY recently submitted seven […]
