Although insurers asked for a 17.7% increase, New York's Department of Financial Services approved a 14.6% bump as it factored in the potential loss of cost sharing–reduction payments that insurers use to cover out-of-pocket expenses for lower-income consumers.
Health insurers' early ACA rate filings for the most popular plans show wide variation in premium changes for 2018, ranging from a 49% increase to a decrease of 5%, a Kaiser Family Foundation analysis shows.
For the patients who have used the patient wellness app, it has lowered annual disease-related hospital costs by 64% and lowered the overall cost of care by 25%. "And the patients are happier," the creator said.
The insurer chose to lower its initital individual rate increase request, saying the insurance market is less "volatile" now and marketplace members are using fewer healthcare services.
State regulators and insurers are in the homestretch of preparing rates for 2018. The federal government's month-by-month approach, however, to cost-sharing reduction payments creates a risky situation for payers, providers and consumers.
While some health insurers are bailing on the Affordable Care Act exchanges, other are swooping in to take the business they leave behind.
Medicaid expansion, cost-sharing subsidies and a big marketing budget are keys to the state's success. Two of those ingredients are in jeopardy of being nixed or rolled back under the House Republicans' bill to repeal the Affordable Care Act now being revised in the Senate.
New York's health insurance companies are seeking premium rate increases averaging 16.6% in the individual market and 11.5% in the small group market next year.
A group of Republican senators say nixing the rule will give people more coverage options as insurers leave the Obamacare exchanges.
The top things to know about the CBO's report on the American Health Care Act.
An HHS report released late Tuesday paints a grim picture of the rising health insurance premiums under the Affordable Care Act. But health policy experts explained that while premiums may have gone up since the ACA was implemented, consumers are also getting more bang for their buck.
Per-person prescription drug spending increased 3.8% for health plans covering employees and their families, a tame increase when compared to the year before, according to a new report from Express Scripts.