New Yorkers have a LOT to smile about this morning! The proposed health insurance rates for the New York Health Benefit Exchange have been released and show that prices on the individual market will soon be dropping by a whopping 50%.

This means that New Yorkers who currently buy coverage on their own, costing more than $1,000 per month in most cases, will be able to save thousands on health insurance next year without having to compromise on quality.

Health Care For All New York (HCFANY) had the pleasure of reviewing the proposed rates for the non-Exchange plans, which were released last month, and found the average Silver-level plan to be about $500 per month.  These same plans sold on the Exchange will be even more affordable for New Yorkers who qualify for premium tax credits to further lower costs.  You can read HCFANY’s comments on the proposed non-Exchange plans by clicking here.

The premium rates for all health insurance plans in New York can be found on the Department of Financial Services website.  As with the annual rate review process, everyone is encouraged to look over the proposed rates and supporting documentation and submit comments online.  You can find the proposed rates by clicking here.

The New York Times has produced stellar coverage of this phenomenon in an article out today, “Health Plan Cost for New Yorkers Set to Fall 50%.”  They have also posted a great document that shows all of the proposed rates for Exchange plans.  You can find that document by clicking here.