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New York State reveals Insurance savings under Obamacare

Date posted: July 17, 2013 | Written by

Filed under Healthcare Reform,In the News

New york reveals insurance cost

New York Obamacare rates released and reveals savings for New Yorkers

Several states (Ohio, California,  and oregon have provided insight to their residents on what to expect comes October 1, 2013 when the insurance market place open with regards to premium costs. Today July 17, 2013 The great state of New York with an estimated 2.7 Million individuals that are uninsured joined the list of states that have already provided premium information. New York States Governors office today released approved insurance Rates  for premiums for the New York State Health Insurance Marketplace a crucial component to the Patient Protection and Affordable Care Act.

All exchange plans effective on  January 2014 in New York will see an average premium prices for a mid-tier “silver” plan fall in the range of $359 per month to $691 per month in New York City.  This is according to New York Affordable Care Act Insurance Premium memo released through the governor’s website. Compared to current premium rate this is a sharp decrease. In New York city current rates for individual insurance rates are between $1,000 to $1,500 a month, according to the state insurance website.

When a comparison is done to the current medal tier plans, the average premium of the most comprehensive health insurance plans in New York, referred to as  “platinum” and “gold” plans, will be 53 % less than current market rate according to the states governor memo. When compared to lower plans the savings is grater.

The figure is based on rates approved for plans from 17 insurers,

  • Aetna
  • Affinity Health Plan, Inc.
  • American Progressive Life & Health Insurance Company of New York
  • Capital District Physicians Health Plan, Inc.
  • Health Insurance Plan of Greater New York
  • Empire BlueCross BlueShield
  • Excellus
  • Fidelis Care
  • Freelancers Co-Op
  • Healthfirst New York
  • HealthNow New York, Inc.
  • Independent Health
  • MetroPlus Health Plan
  • MVP Health Plan, Inc.
  • North Shore LIJ
  • Oscar Health Insurance Co.
  • United Healthcare

In New York state the current market for individual plan has only about 17,000 people buying insurance through the states direct-pay market, however the states is planning to see that market grow by 615,000 over the next few years, additionally about 450,000 people are expected to sign up for insurance on the exchange through their small businesses

For more information about the New York Health Benefit Exchange, please visit, HealthBenefitExchange.ny.gov.

 

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