NEW YORK (WWTI) — On Friday, Superintendent of Financial Services Linda A. Lacewell announced the 2022 health insurance rates for New York State. Lacewell claimed that these rates will save New Yorkers $607 million.

Rates in the individual market are set to increase by 3.7%, which will save consumers over $136 million. In the small group market, the DFS reduced premium rates by 7.6%, which are predicted to save small businesses over $468 million.

Superintendent Lacewell stated that these changes were made following requests from consumers during the COVID-19 pandemic.

“New York has made huge strides in fighting the pandemic and ensuring New Yorkers are vaccinated,” Superintendent Lacewell said in a press release. “As the state continues to reopen, people have been seeking long-postponed non-essential and elective health services, increasing costs and putting pressure on premiums. However, particularly due to the economic fallout from the pandemic, we must strive to ensure that quality, affordable health care remains available to all New Yorkers.” 

The DFS stated that the main driver of premium rates remains the continued increase in health care costs. Although thousands of elective and non-emergency services were postponed, and medical claims decreased in 2021, medical claims have risen again in 2021.

According to the DFS, drug costs account for the largest share of medical expenses, followed by inpatient hospital costs, primary care, outpatient hospital costs and radiology. The rates for the upcoming year were also consistent with pre-pandemic premium rate increases.

Rates for 2022 are listed in the charts below. This includes both individual market rates and DFS small group market rate actions.