This may seem like it only affects New Yorkers, but we think this is something to keep in mind for the rest of the country. According to the New York Department of Financial Services, New Yorkers are facing increases in health insurance premiums of 8%, and many New Yorkers will be facing health insurance hikes well into the double digits.
New York Department of Financial Services has announced that it has approved weighted average health insurance increases of 8.2 percent next year, compared with the 12.7 percent requested by a dozen health insurance companies and health maintenance organizations. Approved health insurance rates are posted online, along with supporting information previously kept confidential.
Why do we think anybody outside of New York would care? Well, New York state prohibits health insurers from discriminating against health insurance applicants based on pre-existing conditions, not unlike one of the featured provisions in President Obama’s healthcare reform. Of course, President Obama’s healthcare reform also includes the health insurance mandate which requires everyone to carry health insurance by 2014, but if the health insurance mandate is struck down by the Supreme Court, well we could end up with a situation very much like New York’s.
Food for thought.
Do you think that health insurance premiums will continue going up, up, UP! Tell us about it
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- Healthcare Reform: When Are Health Insurance Premiums Not Health Insurance Premiums? The Medical-Loss Ratio Debate
- Healthcare Reform: New York’s Interim High-Risk Health Insurance Pool Finally Opens for Enrollment; Coverage to Begin October 1
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