Insurance companies operating in New York State's marketplace are expected to ask for double-digit premium hikes next year, according to new filings from the companies.
Capital New York reports the average requested increase was 13%. The New York Post reports that number at about 12%. But the bigger insurers are seeking a bigger premium hike — according to Capital, the six most popular plans in New York are requesting an average increase of almost 15%.
The Post reports that Excellus Health Plan, which has about 24,000 customers, is requesting a 19.7% hike. MVP Health Plan, which has nearly 33,000 customers, is seeking a 19% increase. New York's largest insurer on the exchange — Health Republic Insurance of New York, which has 68,000 customers — is requesting a 15% increase.
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Once you're legally required to have it, pricing pressure goes away. There's more money in fixing a market than competing in it.
ReplyDeleteIf I recall correctly, a number of Republicans opposed to this legislation indicated the potential of this occurring.
ReplyDeleteWE TOLD YOU SO!
It is not just NY folks.. The Maryland companies submitted their increases as well and it is every bit as ugly as NY.. just that the Media in Maryland isn't covering it.. Hummm might hurt Browns chances.
ReplyDeleteremember obama said they would go down about $2,500 per family and you all bought it
ReplyDeleteWhats everbody bitchin about, its affordable,Obama,Pelosi,Reid and the rest of the democrats said so,so it must be true.
ReplyDeleteWhen you add 10,000 federal bureaucrats to any system, do you think costs will go down?
ReplyDeleteWell or care first is calling for 31% increase as of 1/1/15.
ReplyDelete