The New York State Department of Financial Services has approved health insurers’ 2026 premium rate increases for the individual and small group markets, reducing insurers’ requested rates and estimating savings of about USD 959 million for consumers and small businesses. Around 930,000 New Yorkers are enrolled in individual and small group plans. In the individual market, DFS cut requested rates by 47.4%, translating into estimated savings of USD 148.2 million. In the small group market, it cut requested rates by 45.8%, with estimated savings of USD 810.8 million. The release attributes premium pressure primarily to rising medical costs, including inpatient hospital stays and rapid increases in drug prices, and notes that DFS limited insurers’ profit provisions to 1.0%.
New York State Department of Financial Services 2025-08-29
New York State Department of Financial Services approves 2026 health insurance premium rates after cutting requested individual and small group increases, saving USD 959 million
The New York State Department of Financial Services approved reduced 2026 premium rate increases for health insurers in the individual and small group markets, estimating savings of USD 959 million for consumers and small businesses. Requested rates were cut by 47.4% in the individual market and 45.8% in the small group market. The reductions address rising medical costs and limit insurers' profit provisions to 1.0%.