By BLR® —Business & Legal Resources
Gov. Andrew Cuomo announced approved health insurance plan rates for 17 insurers seeking to offer coverage through New York’s health care exchange, including eight insurers offering commercial health plans in New York for the first time.
To make it easier to compare offerings and prices, the exchange features four standardized coverage tiers: bronze, silver, gold, and platinum, plus an additional catastrophic tier for budget individual coverage. Insurers currently offer more than 15,000 different small group plans statewide that vary significantly in quality and benefits.
The approved small group rates are generally lower than analysts predicted, the governor said. Monthly rates for individual plans in the platinum benefits tier range from $423.64 to $965.24, while catastrophic individual coverage starts at $169.91 per month. Small group plan rates range from $461.61 to $774.73 in the platinum tier; $393.51 to $656.70 in the gold tier; $337.71 to $568.05 in the silver tier; and $275.08 to $478.28 in the bronze tier. Rates for an employee with spouse are multiplied by 2.00, while rates for family coverage are multiplied by 2.85.
Some small businesses will be eligible for tax credits that would lower premium costs further, the governor said.
Enrollment for the exchange begins on Oct. 1, 2013, for coverage that will be effective Jan. 1, 2014.
For more information about the exchange, visit www.HealthBenefitExchange.ny.gov.
Contributed by BLR®—Business & Legal Resources. Read plain-English analysis on Healthcare Insurance in New York.