New York State Department of Financial Services (DFS) Announces Approved Premiums for Individual & Small Group Policies for 2025
Click to Enlarge
At the end of August, the New York State Department of Financial Services (DFS) announced the approved premium rates that health insurers may charge for New York’s individual and small group policies for 2025.
For the individual market, policyholders will incur an average 12.7% increase in the coming year, less than the originally requested average rate increase of 16.6%. Approximately 65% of individuals currently enrolled in a Qualified Health Plan (QHP) through NY State of Health receive the federal tax credits, which lower the costs of their premiums. Approximately 260,000 New Yorkers are currently enrolled in individual commercial plans.
In the small group market, New Yorkers will see an 8.4% average increase in premiums for 2025, less than the originally requested average increase of 18.6%. Over 700,000 New Yorkers are enrolled in small group plans, which includes businesses and organizations with up to 100 employees.
To learn more details about health insurance rates for each individual and small group plan in 2025, please go to the DFS website.
