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New York approves 14.6 percent rate hike for health plans

from Modern Healthcare

The state Department of Financial Services said recently that it would allow insurers selling plans to individuals to raise rates by 14.6 percent on average in 2018, with uncertainty about federal payments contributing to the hikes. Insurers had asked for a 17.7 percent increase. DFS adjusted the rates upward by 0.6 percent on average to account for the potential loss of cost sharing–reduction payments that insurers use to cover out-of-pocket expenses for lower-income consumers. more

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