The New York State Department of Financial Services said it has approved health insurers’ premium rate increases for 2027, saving consumers and small businesses approximately $1.6 billion. In the individual market, rates will increase 6.0%. The agency says this is a reduction from 20.6% requested by insurers.
In the small group market, rates will rise 8.0%, a reduction from 23.7% requested by insurers.
Approximately 860,000 New Yorkers are enrolled in individual and small group plans.
Here are rate increases by insurer for 2027:
INDIVIDUAL MARKET
Insurers requested an average rate increase of 20.6% in the individual market, which DFS cut by 71% to 6.0% for 2027, saving consumers $324 million. The 2027 premium rates will be further reduced for consumers who are eligible for federal tax credits available through NY State of Health. Approximately 58% of individuals who are currently enrolled in a Qualified Health Plan through NY State of Health receive the federal premium tax credits to lower the costs of premiums. Approximately 224,000 New Yorkers are currently enrolled in individual commercial plans. These rate decisions do not include the Essential Plan, available through NY State of Health, which is available at no premium to lower-income New Yorkers who qualify.
Company Name |
Requested 2027 Rate Actions |
Approved 2027 Rate Actions |
Reduction |
|---|---|---|---|
CDPHP* |
1.4% |
0.0% |
-100.0% |
Emblem (HIP)* |
26.8% |
0.0% |
-100.0% |
Excellus* |
17.2% |
12.2% |
-29.1% |
Fidelis (NY Quality Healthcare Corp)* |
28.4% |
8.0% |
-71.8% |
Healthfirst PHSP, Inc.* |
14.9% |
5.1% |
-65.8% |
Anthem HP, LLC (Formerly Empire HealthPlus)* |
11.3% |
-3.1% |
-127.4% |
Highmark (Formerly HealthNow)* |
23.8% |
12.2% |
-48.7% |
IHBC* |
14.2% |
0.0% |
-100.0% |
MetroPlus* |
17.0% |
0.0% |
-100.0% |
MVP Health Plan* |
10.7% |
10.7% |
0.0% |
Oscar |
23.4% |
3.9% |
-83.3% |
UnitedHealthcare of NY Inc.* |
52.1% |
8.1% |
-84.5% |
Summary |
20.6% |
6.0% |
-70.9% |
* Indicates the Company will offer products on the NY State of Health Marketplace in 2027.
SMALL GROUP MARKET
Over 630,000 New Yorkers are enrolled in small group plans, which cover employers with up to 100 employees. Insurers requested an average rate increase of 23.7% in the small group market, which DFS cut by 66% to 8.0% for 2027, saving small businesses $1.25 billion. A number of small businesses also will be eligible for tax credits that may lower those premium costs even further, such as the Small Business Health Care Tax Credit.
Company Name |
Requested 2027 Rate Actions |
Approved 2027 Rate Actions |
Reduction |
|---|---|---|---|
CDPHP UBI* |
10.1% |
3.6% |
-64.4% |
CDPHP* |
14.1% |
9.7% |
-31.2% |
Emblem (HIP)* |
14.2% |
-0.7% |
-104.9% |
Anthem HealthChoice Assurance, Inc. (Formerly Empire)* |
20.4% |
14.4% |
-29.4% |
Excellus* |
17.0% |
13.5% |
-20.6% |
Highmark (Formerly HealthNow) |
9.2% |
0.0% |
-100.0% |
IHBC |
11.4% |
6.2% |
-45.6% |
MVP Health Plan* |
19.6% |
13.6% |
-30.6% |
MVP Health Service Corp* |
12.0% |
5.6% |
-53.3% |
Oxford Health Insurance Inc.* |
30.6% |
6.3% |
-79.4% |
UnitedHealthcare Ins Co NY |
42.1% |
7.1% |
-83.1% |
Summary |
23.7% |
8.0% |
-66.2% |
* Indicates the Company will offer products on the NY State of Health Marketplace in 2027.
