NY’s Obamacare enrollment tops 2.1 million

“The premium rate approvals announced today by the Department of Financial Services continue an artificial suppressing of rates merely to support the claim that New York is keeping premium increases to “below the average increase in health care costs, ‘ which doesn’t make sense”, H.P.A. president and C.E.O”.

The administration gave state educational agencies the flexibility to request waivers for 10 provisions of the law and implement plans to improve outcomes for their students and teachers. For the Small Group market their request for a 13.9 percent increase was cut to 10 percent.

Information released earlier this month by the federal Centers for Medicare and Medicaid Services also indicates that close to half of New Jerseyans seeking Obamacare in the enrollment period ending February 22, 2015 were new customers.

In the Small Group Market, insurers requested a rate increase of 14.4 percent.

“After suffering two years of financial losses when the state significantly reduced premium requests, the rates requested by plans for 2016 are necessary to ensure plans remain viable”, he said in a statement. “Since the passage of the Affordable Care Act five years ago, we’ve seen the largest reduction in the uninsured rate in four decades”, Sommers said. And some insurers in other states also have proposed hefty increases.

In the individual market, Excellus received approval for a 5.72 percent increase-7.08 percentage points less than its 12.8 percent request. The amount of the fine is to increase to 2.5 percent of income, or $695, whichever is greater, next year.

With potentially long lag times between applying for coverage and receiving an insurance card, consumers are not sure when their coverage takes effect or what to do if they need medical attention before receiving proof of insurance.

The federal government overreached when it came to our children’s education, and states were rightfully granted a way out.

New Yorkers with incomes up to 400 percent of the federal poverty level ($47,080 for individuals and $97,000 for a family of four) are eligible to receive financial assistance to reduce premiums through the NY State of Health.

About 60 percent of enrollees were under age 35, with 32 percent of those purchasing private plans falling into that age group.

DFS said the new plan, named the “Essential Plan”, would still cover the same services provided by other plans on the state’s exchange, while requiring no annual deductible and lower copayments.

The survey found that some 79% of those who shopped for insurance coverage simply could not afford it. Of these, 58% noted that they had $100 or less left after paying their bills, which means that they cannot justify the high cost of health insurance coverage.