DFS TAKES ACTION TO ENSURE A CONTINUED HEALTHY AND COMPETITIVE 2019 NEW YORK HEALTH INSURANCE MARKET DESPITE CONTINUED WRONGFUL FEDERAL ATTACKS ON THE AFFORDABLE CARE ACT
New York Rates for Individuals More Than 55% Lower Than Before Implementation of the Affordable Care Act, After Adjusting for Inflation and Before Federal Tax Credits
August 3, 2018
Contact: Richard Loconte,
Rates for Almost 1.4 Million New Yorkers in Individual and Small Group Markets Will Increase by Only 4.8% in 2019
Overall Requested Rate Increases for Individual Coverage Reduced by 64%, Saving Consumers $314 Million
Overall Requested Rate Increase for Small Group Coverage Reduced by 50%, Saving Small Businesses $279 Million
14 Insurers in Individual and 19 Insurers in Small Group Market Are Providing Choice to New Yorkers in Every County Across the State
In the face of a sustained attack by the federal government on the Affordable Care Act (ACA), Financial Services Superintendent Maria T. Vullo today announced that the Department of Financial Services (DFS) has reduced health insurers’ 2019 requested rates for New York’s individual market by 64% overall for individuals, saving consumers $314 million.
As the Federal Government announced plans to do away with the health insurer risk adjustment program, Governor Cuomo said that New York State would consider setting up its own program. The program was originally designed to transfer risk from plans that insure sicker members to those with healthier ones as a means of stabilizing the health insurance market and pricing.
NY State’s lack of oversight in Medicaid enrollment resulted in $1.3 Billion wasted over the last 6 years. This audit comes at the same time the NY State Assembly passes a Single payer bill. NY State cannot effectively run the Medicaid program and yet we should believe they can run and watch over a program that covers all NY residents?
The bulk of those wasted funds cannot be recovered, state comptroller says
By Caroline Lewis
Thanks to a lack of oversight, the state Health Department doled out $1.3 billion in six years in Medicaid premiums for people who were already enrolled in other comprehensive health plans, according to a new report from state Comptroller Thomas DiNapoli.