Aug 30, 2024
[UPDATE AUGUST 30, 2024] Through its negotiations, DFS was able to reduce the average rate increase to 8.4% across all plans in the small group market. This represents a cut of 55% as compared to the proposed rate actions, and will save small businesses a total of $766 million. A number of small businesses will also be eligible for tax credits that may lower those premium costs even further, such as the Small Business Health Care Tax Credit.
[JUNE 5, 2024] New York State law requires health plans to submit proposed premium rate adjustments to the New York State Department of Financial Services (DFS) for review and approval before the plans can charge the new rates.
In accordance with this requirements, the below carriers have submitted 2025 proposed rate adjustments for their small group and individual plans to the DFS for an effective date of January 1, 2025. For small group plans, insurers are requesting an average rate increase of 18.6% across all plans in the small group market. Note that these proposed rates do not apply to large group, self-funded, or Medicare Advantage plans.
The DFS may approve or modify the proposed rate adjustments. Final confirmation of the approved premium rates will be provided to employers and subscribers in August, approximately 60 days before their 2025 renewal date.
Bookmark this page! As DFS publishes its modifications and approvals of the proposed rate filings, the table below will be updated.
DFS Small Group Market Rate Actions
| CARRIER | REQUESTED 2025 RATE ACTIONS | APPROVED 2025 RATE ACTIONS | DFS MODIFICATION (In Percentage Points) |
|---|---|---|---|
| Aetna Health | 24.3% | 11.3% | -53.5% |
| Aetna Life | 18.1% | 11.3% | -37.6% |
| Anthem Healthchoice Assurance (formerly Empire)* | 10.7% | 8.0% | -25.2% |
| CDPHP UBI* | 22.5% | 19.8% | -12.0% |
| CDPHP* | 25.4% | 14.9% | -41.3% |
| Emblem (HIP)* | 16.3% | 7.0% | -5.71% |
| Excellus* | 19.5% | 10.5% | -46.2% |
| Highmark (formerly Healthnow) | 19.0% | 11.4% | -40.0% |
| IHBC | 28.1% | 21.7% | -22.8% |
| MVP Health Plan* | 9.5% | 4.5% | -52.6% |
| MVP Health Services Corp.* | 13.8% | 10.0% | -27.5% |
| Oxford Health Insurance Inc.* | 18.2% | 5.3% | -70.9% |
| UnitedHealthcare Insurance Co. of NY | 11.0% | 1.0% | -90.9% |
View the Summary of Requested 2025 Rate Actions for full details on small group and individual rate actions.
*Indicates the Company will offer products on NY State of Health Marketplace in 2025.
