Changes to New York's Essential Plan receive final approval
The
Gov.
Hochul announced the approval following a meeting Friday with Dr.
But around 450,000 people who gained coverage when income-eligibility requirements for the Essential Plan were expanded from 200% of the federal poverty level to 250% back in 2024 are expected to lose their insurance when the changes take effect
Those who lose coverage under the changes will be eligible to purchase insurance on the open market, though they would face monthly premiums and thousands of dollars in deductibles.
The news comes just months after
The state is expected to notify those affected by the changes by
Changes to the Essential Plan were first announced last year following the passage of the federal One Big Beautiful Bill Act, which included steep health-care cuts, including nearly
Proponents of the legislation, including President
The legislation also slashed
For years, those individuals — including green-card holders and those in the asylum process — were insured through the state's Medicaid program, but were switched over the federally-funded Essential Plan created through the Affordable Care Act. More than 700,000 lawfully present immigrants receive insurance through the Essential Plan.
In a bid to preserve insurance for as many as possible,
Hochul announced the full approval following a meeting with Oz, where the two discussed efforts to root out fraud in the state's more than
In a pair of statements released following the meeting, Hochul said the state remains committed to eliminating fraud, but emphasized that actions on the federal level jeopardize the health of New Yorkers.
"Even when


Medicaid cuts could add pressure to already-stressed psychiatric units
Singapore central bank to review inflation outlook in April as energy prices surge
Advisor News
- Why client insurance needs could change even if their life doesn’t
- Most Gen Z investors think less than a year ahead when making financial decisions
- IRI pitches retirement agenda to Jeffries as democrats shape affordability platform
- Help child-free clients plan for their later years
- When new investment trends emerge, Gen Z is most likely generation to be first in
More Advisor NewsAnnuity News
- Guidance, bulletin or reg? NAIC debates form of annuity illustration update
- Nationwide adds mutual fund-linked strategy to New Heights Select FIA
- NUNN INTRODUCES BILL TO CUT RED TAPE, GIVE IOWANS CLEARER INSURANCE INFORMATION
- NAIC working group pressed to accelerate annuity illustration overhaul
- State Auditor James Brown Kicks Off Life Insurance Awareness Month With Policy Locator Tool
More Annuity NewsHealth/Employee Benefits News
Life Insurance News