Today the New York State Senate rejected the Governor’s proposal to regulate health insurance premium hikes (otherwise known as prior approval).
Currently, insurers in New York can file an insurance increase and use it. Since the “file and use” rate system was put into full effect in 2000, insurance premium rates have grown faster than the incomes of individuals and small businesses and far faster than the general consumer price index. In the past ten years alone, New York insurance premiums have increased by 92% while median worker earnings have only increased by 14%.
HCFANY strongly urges every New York State Senator to vote against the Senate budget resolution today.