New York - Financial Services Superintendent Linda A. Lacewell announced today that, despite continued federal attacks on the Affordable Care Act (ACA), the Department of Financial Services (DFS) is steadfastly protecting consumers by reducing health insurers’ 2020 requested rates.
Since the ACA was implemented in 2014, New York has cut the uninsured rate in half from 10% to below 5%, and premiums in the individual market have remained more than 55% lower after adjusting for inflation and before the application of federal tax credits. DFS reduced insurers’ total weighted average increase requested for individuals by 26%, from 9.2% to 6.8%, saving consumers over $50 million. DFS also reduced requested rates for 2020 small group plans by 35%, from 12.2% to 7.9% for 2020, saving small businesses over $313 million. Over 1.3 million New Yorkers are enrolled in individual and small group plans.