N.Y. FINANCIAL SERVICES DEPT. ANNOUNCES 2024 HEALTH INSURANCE PREMIUM RATES, SAVING NEW YORKERS $732 MILLION

ALBANY, New York, Sept. 1 -- The New York State Department of Financial Services issued the following news release on Aug. 31, 2023:

The New York State Department of Financial Services (DFS) today has approved health insurers' premium rate increases for 2024, saving consumers and small businesses almost $732 Million. In the individual market, DFS reduced insurers' requested rates 44%.

In the small group market, DFS reduced insurers' requested rates 52%. Over 1.05 million New Yorkers are enrolled in individual and small group plans.

The rising cost of medical care, including in-patient hospital stays as well as rapid increases in drug prices, continues to be the main driver of health insurance premium increases.

In light of the continued increases in costs of health care and other consumer goods and services, DFS held insurers' profit provisions to only 1.0%.

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Original text here: https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202308311