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Small Business Employee Benefits and HR Blog

New York Health Insurance Exchange Update - Plan Carriers and Rates

The NY Health Insurance Exchange recently announced that 17 health insurers will offer individual and small group health insurance plans through the exchange, for coverage starting January 1, 2014. NY health insurance exchange rates and carriers

The New York Health Insurance Exchange will be an online marketplace where individuals and small businesses can select among plans in four metal tiers (bronze, silver, gold, and platinum). The plans within each metal tier will have standardized contract terms and product offerings.

The released rates are lower than expected. According to the New York Health Benefit Exchange, the approved 2014 rates for even the highest tier of plans that individual consumers could purchase on the exchange (gold and platinum) represent, on average, a 53% reduction compared to last year’s direct-pay individual rates. The 53% reduction does not include the impact of federal health insurance subsidies. Source: NY Health Benefit Exchange.

New York Health Insurance Exchange - Carriers

The following carriers will offer individual and/or small group health insurance coverage through the NY Health Insurance Exchange:

  • Aetna
  • Affinity Health Plan, Inc.
  • American Progressive Life & Health Insurance Company of New York
  • Capital District Physicians Health Plan, Inc.
  • Health Insurance Plan of Greater New York
  • Empire BlueCross BlueShield
  • Excellus
  • Fidelis Care
  • Freelancers Co-Op
  • Healthfirst New York
  • HealthNow New York, Inc.
  • Independent Health
  • MetroPlus Health Plan
  • MVP Health Plan, Inc.
  • North Shore LIJ
  • Oscar Health Insurance Co.
  • United Healthcare

New York Health Insurance Exchange - Plan Rates

The NY Health Insurance Exchange published their approved rates for standard individual plans and for small group plans. The rates will vary by age, region, and tabacoo use. Here are average rates for individual and small group coverage.

  • Individual Average "Silver" Plan for a Single Adult - $483/month (before any applicable health insurance subsidies)

  • Small Group Average "Silver" Plan for a Single Adult Employee - $491/month

To view all rates, including breakout by type of plan, region, and family status, click here.

What do you think about the NY Health Insurance Exchange carriers and rates? Let us know in the comments below.

 


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