STATEWIDE — HEALTH INSURANCE RATE HIKES for 2026 were approved Friday by the New York state Department of Financial Services, but the agency said in a release it saved New Yorkers money by approving only roughly half the increases insurers asked for.
Insurance companies requested an average rate increase of 13.5% in the individual market, which DFS cut to 7.1%. In small group plans, which cover employers with up to 100 employees, insurers requested an average rate increase of 24%, which DFS cut to 13%. The rising cost of medical care, including in-patient hospital stays as well as rapid increases in drug prices, continues to be the main driver of health insurance premium increases, DFS said.
For example, in the small group market, United Health Care asked for a premium increase of 23.8