NYS 2018 Health Insurance Rates
The New York State Department of Financial Services has approved rates for Small Group Community Rated and Individual Health plans for 2018. Approved rates for the NYS Small Group market range from a low of -3.2% to a high of 20.4% with an average of 11.7%. Individual markets range from a low of 4.2% to a high of 31.1% with an average of 13.9%. All of the carriers requested and approved rates can be seen here, http://www.dfs.ny.gov/about/press/pr1708151.htm .
The Upstate and local insurers Excellus, MVP and HealthNow (BCBS of WNY) ranged in the 8 to 10% range. CDPHP was higher at 20.4%. It’s important to remember when looking at a chart of the State’s insurers that many focus solely on the NYC or Long Island region. The majority of insurance carriers on this list don’t offer plans in the Upstate market.
When viewing the reported increases it’s important to understand that the percentages are an average increase for all plans. Plans are categorized as Platinum, Gold, Silver and Bronze medal levels and each tier will have a different rate of change. The reported carriers filing is an average across all four levels of plans they offer. A silver level plan may have a 5% increase while a Bronze level a 13% increase. KBM has been advising our small group clients to plan for an 8 to 13% increase in preparation of their 2018 health insurance budget.
We expect final rates to be released by local insurance carriers around the beginning of October. If you have questions prior to the rate release, please feel free to reach out to your KBM Representative at (315) 449-0229.