According to a news report, insurance companies in New York wants an average rate hike of 11.7% next year (2021) their reason is the increasing cost of the coronavirus pandemic.
The state Department of Financial Services posted the proposed rate hike on its website that can be seen here.
The insurance companies are asking for an increase ranging from 19% for the Manhattan-based Oscar to 1.5% for Excellus, the Rochester-based insurer. Two insurers, IHBC and Healthnow New York, are proposing decreases in rates of 1.9% and 3.7% respectively. For small-group insurance, the companies proposed a similar 11.4% average rate increase. The New York Health Plan Association, which represents insurers, said that the proposed 2021 premium rate requests “reasonable and fair.” According to them the proposed rate hike are needed to address rises in health-care costs, but also to the needs due to COVID-19
“From the outset and throughout the continuing coronavirus crisis, New York’s health plans have made extraordinary efforts to meet the needs of consumers, businesses and our health care partners,” Eric Linzer, the group's president, said in a statement.
“This has included waiving copayments and cost sharing for COVID-19 testing, telehealth services and mental health services for essential workers," he said, "and providing cash advances and other support to hospitals, physician practices and others in the delivery system to address the financial uncertainty they’re facing."
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Insurers in New York submitted their proposed rate increases for 2021. Now the state Department of Financial Services will decide this summer whether to approve them or lower them:
Company Name 2021 Requested Rate Change
CDPHP* 4.3%
Emblem (HIP)* 9.5%
Excellus* 1.5%
Fidelis (New York Quality Healthcare Corp)* 18.8%
Healthfirst Insurance Company, Inc. 1.8%
Healthfirst PHSP, Inc.* 2.4%
Healthnow New York* -1.9%
HealthPlus HP, LLC (Formerly Empire)* 16.6%
IHBC* -3.7%
MetroPlus* 9.6%
MVP Health Plan* 6.7%
Oscar* 19.1%
UnitedHealthcare of New York Inc* 13.8%
Weighted Average 11.7%
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