September 25, 2021

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New York individual health insurance plan rates to increase 3.7% in 2022

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Albany, N.Y. — New Yorkers with individual health insurance plans will see rates increase by an average of 3.7% in 2022, the state announced today.

The rate changes will range from a low of -4.4% for Independent Health in Buffalo to a high of 9.7% for Healthfirst, an insurer in the New York City area.

Here are 2022 rate changes for insurers that sell individual policies in Central New York: Excellus, 4.5%; Fidelis, -0.1%; CDPHP, 7%; MVP, 8.5%.

About 264,000 New Yorkers are enrolled in individual plans.

Another 900,000 New Yorkers are enrolled in small group plans, which cover employers with up to 100 employees.

The state said rates for small group plans will increase next year by an average of 7.6%.

The state Department of Financial Services said medical claims decreased significantly in 2020 due to the postponement of elective and non-emergency services, but medical claims have increased this year as New Yorkers catch up on medical appointments and postponed services.

The rate changes will not affect New Yorkers enrolled in employer-sponsored large group plans.

James T. Mulder covers health and higher education. Have a news tip? Contact him at (315) 470-2245 or [email protected]