From 2000 to 2007 health insurance premiums have increased by 81% while New York median wages only increased by 11%.
New York bill A.8280/S.5470 would restore the State’s authority to pre-approve insurance premium increases (“prior approval”). Right now, insurance companies simply file a rate hike with the state and use it (“file and use”). As a result, New York’s health insurance premiums—and profits—are skyrocketing.
HCFANY urges the Legislature to regulate this process by adopting the prior approval bill. In addition, HCFANY believes that the public’s voice is essential to maintain affordable, comprehensive health care. Prior approval should be an open process where the voices of the payers—that is the people and businesses affected by rate increases—can be heard.
On June 8, 2009, the New York State Assembly is holding a hearing on the prior approval bill. For details on this event, please click here.
For additional information on HCFANY’s reaction to proposed insurance reform bills, please see our one pager here.