Health insurance costs will drop 50 percent for many New Yorkers
New Yorkers may see their health insurance premiums decrease at least 50 percent next year, Gov. Andrew Cuomo announced Wednesday.
State officials said the average rates approved for individuals paying directly for health coverage next year are half of last year’s direct-pay rates.
Health rates were approved for 17 insurers offering coverage through the state’s new Health Benefit Exchange next year.
“New York’s health benefits exchange will offer the type of real competition that helps drive down health insurance costs for consumers and businesses,” Cuomo said in a statement.
Last year, Cuomo set up the exchange to meet guidelines mandated by the Affordable Care Act, which requires states to create an exchange or allow the federal government to set one up in the state.
Enrollment for the exchange starts Oct. 1 for coverage beginning in January. Officials estimate the exchange will bring coverage to more than a million uninsured statewide.
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