Health insurance premium rates announced for 2021 in New York State

Health News
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ALBANY, N.Y. (WWTI) — The New York State Department of Financial Services announced 2021 health insurance premium rates.

Superintendent of Financial Services Linda A. Lacewell announced that rates in the individual market will increase by only 1.8%, the lowest increase for individuals since DFS regained prior approval authority of premium rates.  Small group plans will increase by 4.2%.

Over 1.2 million New Yorkers are enrolled in individual and small group plans.

According to DFS, they reduced 2021 requested rates in New York’s individual market by 85% overall, saving consumers over $221 million.  The department also reduced 2021 requested rates for small group plans by 63%, saving small businesses more than $565 million. 

“Our number one job is consumer protection and ensuring that quality, affordable health care is available to everyone in the state,” said Superintendent Lacewell.  “This year marks the tenth anniversary of the Affordable Care Act’s passage and, even as the federal government is trying to repeal the ACA – in the middle of the worst pandemic in a century – New York is fighting to ensure consumers’ access to affordable health insurance coverage and help maintain a robust, competitive marketplace.” 

According to DFS, federal tax subsidies under the ACA will help mitigate the impact of the increases even further for some individuals purchasing coverage through the New York State of Health marketplace.

Specific rate actions are listed below:

DFS individual market rate action

Company Requested 2021 Rate Actions Approved 2021 Rate Actions DFS Modification (In Percentage Points) 
CDPHP* 4.3% 4.3% 0.0% 
Emblem (HIP)* 9.5% 3.8% -5.7% 
Empire (HealthPlus)* 16.6% 1.0% -15.6% 
Excellus* 1.5% -0.2% -1.7% 
Healthfirst Ins Co, Inc. 1.8% -4.4% -6.2% 
Healthfirst PHSP, Inc.* 2.4% -2.5% -4.9% 
HealthNow New York* -1.9% -2.8% -0.9% 
IHBC* -3.7% -5.3% -1.6% 
MetroPlus* 9.6% 5.0% -4.6% 
MVP Health Plan* 6.7% 3.8% -2.9% 
NY Quality Healthcare Corp (Fidelis)* 18.8% 1.6% -17.2% 
Oscar* 19.1% 4.9% -14.2% 
UnitedHealthcare of NY Inc* 13.8% 4.8% -9.0% 
SUMMARY 11.7% 1.8% -9.9%

DFS small group market action

Company Requested 2021 Rate Actions Approved 2021 Rate Actions DFS Modification (In Percentage Points) 
Aetna Life 19.6% 2.8% -16.8% 
CDPHP* 7.4% 7.2% -0.2% 
CDPHP UBI* 1.4% -0.2% -1.6% 
Emblem (HIP) 20.9% 14.6% -6.3% 
Empire HealthChoice Assurance* 16.1% 6.4% -9.7% 
Excellus* 4.4% 0.9% -3.5% 
Healthfirst Ins Co, Inc.* 5.5% 1.2% -4.3% 
HealthNow New York 5.4% -0.9% -6.3% 
IHBC* 0.4% -2.7% -3.1% 
MetroPlus* 11.5% 8.7% -2.8% 
MVP Health Plan* 4.1% 1.2% -2.9% 
MVP Health Service Corp* 6.1% 3.9% -2.2% 
Oscar 29.1% 9.4% -19.7% 
UnitedHealthcare (Oxford)* 13.6% 5.3% -8.3% 
UnitedHealthcare Ins Co NY 10.9% 2.4% -8.5% 
SUMMARY 11.4% 4.2% -7.2% 

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