Health insurance premiums on New York's state-run exchange will rise an average of 7.1% next year. But rates differ greatly by payer, plan type and region, highlighting the difficulties of relying on rough averages.
For example, Oxford Health Plan enrollees will see their monthly premiums drop 12.3% in 2016, whereas those covered by Health Republic Insurance of New York will have to pay 14% more. A recent Kaiser Family Foundation analysis also found that the second-lowest-cost silver plans, the benchmark for setting the Affordable Care Act's premium subsidies, will increase by only 0.5% next year in New York City.
“It's not all that surprising to see a wide range of premium increases,” said Josh Weisbrod, a partner at the healthcare practice of consulting firm Bain & Co. “This is the first year where the participating payers were able to use actual trend data on the exchange enrollees.”
Seventeen companies are selling health plans on New York's exchange next year, making it one of the most competitive markets in the country. Close behind is California, which announced last week that its premiums will increase by 4% on average next year.
