NY Insurance Premiums Rose Seven Times Faster Than Wages

Posted October, 27 2008 by arianne

A new FamiliesUSA report “Premiums versus Paychecks”  indicates good health care coverage is unaffordable to individuals and families. Health insurance premiums for families rose by 80.7%, while median wages rose by only 11% between 2000 and 2007.  For family coverage in NY, the average annual premium increased from $5,721 to $12,811 (employer and worker share combined).  For family coverage, the employer portion of annual premiums rose from $1,298 to $2,780. 

HCFANY issued a press statement urging the Legislature to immediately establish strong oversight and regulation by (1) immediately restoring the power to pre-approve premium rate increases to the State Insurance Department; and (2) pass a law that would force health plans to devote 90% of premiums to actual health care, not salaries, administration, and advertising.

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