Siegfried says low-income New Yorkers who don’t get insurance through their jobs can get subsidies to help pay their premiums. But those subsidies aren’t available to those making above 400 percent of the federal poverty level.
“So that can take a good chunk of your budget to pay that and to feel safe and secure that you’re going to be able to get medical care when you need it,” she states.
Siegfried says DFS evaluates insurance companies’ claims that rising medical costs or a consumer base with more health problems justify requested premium increases.
“It should also take into consideration what consumers are experiencing when they have premium increases that they think are unreasonable,” she points out.
Most proposed increases that are approved by DFS will go into effect on Jan. 1 of next year.
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