ClearHealthCosts reports New York health insurers asked for an average of nearly 12 percent in rate increases on individual plans for 2021, according to figures recently posted to the state website. Of the 13 state insurers, only two are proposing rate decreases, while Oscar, a Manhattan-based company, asked for a 19 percent rate increase – the highest ask this year.
Fidelis Care, one of the most widely available and lower-cost options in the state, had the second-highest ask at 18.8 percent. ClearHealthCosts writes the company said it “made a preliminary adjustment to reflect the increased risk and uncertainty associated with the pandemic and its secondary effects.” On the corporate market, Oscar again had the highest rate request at 29 percent, followed by Emblem at almost 21 percent.
- ClearHealthCosts: https://clearhealthcosts.com/blog/2020/06/health-insurance-premiums-the-outlook-for-2021/
- Department of Financial Services: Summary of Requested 2021 Rate Actions