Insurers are seeking to boost their premiums 16.6% on average for 2018, the state Department of Financial Services said Wednesday. While that’s not as high as the 18% hike they requested last year, it’s still a substantial increase in cost for New Yorkers who don’t get help from Affordable Care Act premium tax credit subsidies.
The companies are grappling with an uncertain future for the Affordable Care Act system as they craft their plans for next year, and rate increases have varied widely among states. Republicans in Congress are working to repeal portions of the health law, while President Donald Trump has called the health law a failure and raised doubts about whether he’d make ACA cost-sharing reduction subsidy payments to insurers. Meanwhile, major insurers, including Aetna Inc. and Humana Inc., have largely exited the health law’s markets.
In New York, 16 insurers submitted rate filings for NY State of Health, the state’s ACA exchange program, and the requested increases ranged from 4.4% to 47.3%, depending on the insurer. The state regulator can require the companies to adjust their requests. Last year, after adjustment, the regulator allowed for a 16.6% hike.