New York Health Exchange Lowering Some Consumer Premiums 50%
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Health insurance premiums will drop by about 50 percent on average for consumers in New York who buy new plans through a state-run marketplace created by the U.S. Affordable Care Act.
The state approved plans to be sold by 17 insurers, including UnitedHealth Group Inc. and WellPoint Inc., the industry’s two biggest carriers, according to a statement today by New York Governor Andrew Cuomo. The lowered rates mean that starting Oct. 1, a New York City resident who now pays at least $1,000 a month for insurance will be able to buy coverage for as little as $308, according to rates posted by governor’s office.