New York State Department of Financial Services (DFS) Announces Health Insurance Premium Increases for 2024
New York’s Department of Financial Services (DFS) announced this week that health insurance premiums will increase by an average of 12.4 percent for individual plans and 7.4 percent for small group plans, which includes businesses with up to 100 employees. The increase is significantly less than insurers originally requested. They had applied for an increase of 22.1 percent for individual plans and 15.3 percent for small group plans. Rate increases will impact more than 1 million New Yorkers enrolled in individual or small group plans.
Also included in the announcement was DFS’ decision to reverse a plan by Fidelis Care to withdraw from Brooklyn.
To learn more details about the upcoming rate increases. MSSNY will continue to track and share information about this issue as it is available.
