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HCFANY Applauds Administration’s Cuts to Proposed Rate Hikes

HCFANY: Health Care for All New York (HCFANY) issued a press release supporting the State’s decision to cut proposed health insurance rate hikes by over 50 percent. Carriers sought an average increase of 12.7% and 13.9% in the individual and small group markets, respectively, but the Department of Financial Services only approved average increases of 5.7% and 6.7%, respectively. Elisabeth Benjamin, co-founder of HCFANY stated, “The Cuomo Administration has effectively applied the law to control premium costs—and this translates into $1 billion in real savings for New Yorkers.”