Last month, we told you about the rate review process, which happens every year when health insurance companies submit requests for rate increase or decreases to the state Department of Financial Services (DFS). New York’s carriers were asking for some pretty big increases this year – about 18 percent on average across the individual and small group market. But as we explained, those are just requests. DFS has final say, and will release its decisions in the next few weeks.
The rate review process requires a tricky balancing act. Sometimes a rate increase is needed to make sure that the insurance company can stay in business. But consumers have to be able to afford coverage. In New York, consumers contribute to this process by telling DFS how premium costs affect their lives (you can look at all the comments people sent in on the DFS website).
HCFANY participates each year by reviewing all the applications and drafting formal comments. We will post the results as soon as they are released by DFS. But in the meantime, you can look through our letters, all of which are below.