The New York State Department of Financial Services approved 2027 health insurance premium increases for the individual and small group markets after substantially reducing insurers’ requests. The approved increases are 6.0% for individual plans, compared with the 20.6% requested, and 8.0% for small group plans, compared with the 23.7% requested. The reductions are expected to save consumers and small businesses about USD 1.6 billion and affect markets covering approximately 860,000 New Yorkers. The decision continues the department’s use of annual rate reviews to limit premium increases, following similar reductions for 2026 that generated estimated savings of USD 959 million.
2026-09-04New York State Department of Financial Services
New York State Department of Financial Services cuts requested 2027 health premium increases to 6% and 8%, saving USD 1.6 billion
The New York State Department of Financial Services approved 2027 premium increases of 6.0% for individual health plans and 8.0% for small group plans, well below insurers’ requests of 20.6% and 23.7%. The reductions are expected to save consumers and small businesses about USD 1.6 billion across markets covering approximately 860,000 New Yorkers.