The New York Department of Financial Services (the Department) reduced the requested rates by insurance carriers for the individual market by 48 percent for 2026. Carriers initially requested a 13 percent average rate surge, but through New York’s prior approval process, the Department trimmed this figure down to an average of seven percent. Without this process, rates requested by insurance carriers would require New Yorkers to pay an average of $1,291 more annually, or $108 per month, in premiums next year. With the newly approved rates from the Department, the annual increase in premiums is now $678, or $57 per month, for next year.   

The table below compares health plans’ initial rate requests with rates that were ultimately approved, providing insight into how this process impacts your health care costs (you can also review our detailed comments on each carrier’s rate request here). 

The prior approval process serves as an essential safeguard to curb rising health care costs. For the past two years, the State has approved, on average, steep premium increases of 13% in 2025 and 12% in 2024. With a record number of public comments submitted by consumers, the State reduced the high premium increases requested by individual market insurance carriers. Despite these efforts, any rise in premiums for New Yorkers makes health care even less affordable for consumers, especially with current federal proposals that threaten New York’s health care system: 

• Enhanced premium tax credits are set to expire at the end of this year. Unless Congress decides to extend these credits, New Yorkers—who previously received them—can expect a monthly average premium increase of $114.  

• New Centers for Medicare and Medicaid Services guidance, set to take effect in 2027, will take away health coverage from 750,000 New York children, from ages 0 to 6, on Medicaid or Child Health Plus.  

• The so-called “One Big, Beautiful Bill” is estimated to leave around 1.5 million New Yorkers without health coverage. Learn more about how federal threats impact the State here. 

New York should consider additional strategies to protect consumers from steep premium increases beyond the rate review process. HCFANY recommends the State to implement many proposals in HCFANY’s 2025 Policy Agenda that will help patients get affordable care and coverage, like the Primary Care Investment Act, Zero-copay Inhalers, the Fair Pricing Act, or setting up an independent Office of Health Care Affordability. 

Many New Yorkers, who purchase their own health coverage through the New York State of Health marketplace, are eligible for subsidies. If you need help switching plans or finding affordable health insurance, the Navigators program offers free, unbiased guidance and can help you understand your premium assistance and coverage options. You can contact Navigators through the CSS Navigator Network at 888-614-5400 or email enroll@cssny.org.