Despite reporting record profits during the pandemic, all of New York’s 12 individual market insurance companies plan to increase premiums in 2023.
Costs could increase by a whopping 19 percent on average, meaning New Yorkers would spend a greater share of their budget on health care and less on food, transportation and other necessities – right as the U.S. teeters on a possible recession. Exact numbers vary by health plan, with Emblem (Health Insurance Plan of Greater New York) planning the largest increase at 35 percent.
There is still time to tell New York to prevent these unnecessary jumps in health care costs. Tell the State how higher health care costs would impact you by leaving a public comment here by July 1.