With the elections approaching we are all hearing the gloom and doom, IE the 25% increases and carriers leaving by the droves. What is the situation for us in New York State. Bottom line, not so bad:
Here are some talking points:
- NYSOH Market carrier participation holds steady in NYS.
- All but one insurance carrier that offered individual plans on NY State of Health in 2016 will continue to offer plans in 2017.
- Wellcare is the only plan that will leave the Marketplace and its departure will impact fewer than 1,000 consumers and leaves fourteen returning carriers on the individual Marketplace.
- NY’s rates have remained lower or comparable to those approved in other states and lower than the national average.
- Premium rates in New York are will rise 17% for individual plans and 8% for small business group plans.
- It is important to remember that more than 50 percent of consumers buying plans through the NY State of Health Marketplace will receive a tax credit, which will offset rate increases.
- For individuals who earn below 200% of the Federal Poverty Level may be eligible for free or low-cost insurance through Medicaid or the Essential Plan, New York’s Basic Health Plan.
- The Essential Plan will be available from 13 returning carriers and one new carrier, HealthNow, which will offer coverage in western New York.
Remember Open Enrollment starts for new applications on 11/1 and for re-certifications on November 15 and runs until January 31 for 2017. Call us at 914-968-4717 if you need assistance. You can also call the state marketplace directly at 855-355-5777.