The Rising Costs Of Employer-Sponsored Premium In New York

 

According to a report made by Empire Center, New York has the second costliest employer-sponsored health premium. Last 2015, premiums rose by more than three times compared to the national average of $5,963. According to federal data, the average single coverage premium in Alaska is $7,807 while in New York, it is $6,801. The growth of single premiums in New York was 7.8% while nationwide growth was 2.2% in 2015.

Data also shows that the average family premium in New York is $19,630 while the nationwide average is $17,322. Premiums have always been high in New York but its growth is quite alarming since from 10th in 2010 and 18th in 2003, it jumped to second place in 2015. The state’s Department of Financial Services has strict price regulations in place but the premiums are still rising. In 2010, regulators have cut down into half the rate increase as requested by health plans but it was unable to solve the problems of rising premiums.

Among the companies that were severely affected by the increase in premiums include Health Republic Insurance of New York, a startup that sustained heavy losses. The rate requested for 2016 was actually trimmed just weeks prior to its declaration of insolvency and shut down by the state. Most of the large employer’s health insurance plans were exempt from state oversight because the state’s rate review process only applied to policies that are purchased by individuals and small businesses including coverage through the state’s health insurance (ประกันภัยสุขภาพ) exchange.

So much attention has been focused on public health insurance exchanges that were create under Obamacare. This was supposed to provide insurance to people who were not eligible for the job based health benefits. However, the law had a broader effect on people who had employer-sponsored health insurance.

It is important for people to compare Health Insurance in order to get the best they can. There are websites that compare the market by rank according to best price for your needs. They are committed to help you find the best price so that you will be able to make an informed decision for your Health Insurance.

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