New York approves up to 26.5% health insurance rate hikes for 2025, affecting 1 million residents.
New York state has approved health insurance rate hikes for 2025, with increases of up to 26.5% for individual and small employer markets. The Department of Financial Services attributes the rising costs to inpatient hospital stays and drug prices. While large employers with over 100 employees will remain unaffected, 1 million residents may face double-digit premium increases. Insurance companies argue that the approved increase should have been even steeper.
August 30, 2024
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