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State Approves Insurance Rates Under New Exchange

www.bbb.org

 ALBANY, N.Y. (AP) _ New York officials say they have approved health insurance rates for 17 insurers planning to offer coverage next year through the state's new Health Benefit Exchange, part of the federal overhaul expected to bring coverage to 1.1 million uninsured statewide. 

Enrollment begins Oct. 1. Under the federal mandate to expand coverage nationally, people getting insurance through the exchange and who meet certain income thresholds can tap into an estimated $2.6 billion in federal tax credits and subsidies annually. 

The state Department of Financial Services, which approved the rates, says the list includes eight providers that don't currently offer commercial health insurance plans. 

The department says average rates for individuals paying for coverage directly are half of last year's rates. 

The rates for individuals purchasing health coverage from Excellus Blue Cross Blue Shield in Rochester under the new exchange range from $505 to $291 a month.  Individuals will be able to buy coverage through MVP at rates ranging between $476 and $260  monthly. 

Small group insurance under the state exchange range in price from $452 to 263  a month for Excellus plans to $451 to $246 for MVP plans.

A link to the newly approved rates is available at http://www.dfs.ny.gov/about/press2013/pr1307171_health_rates_2014.pdf