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Buffalo, NY | Local News, Weather, Traffic, Sports | WGRZ.com

State approves health insurance rate increases for 2021

When rates requests were submitted in June, 15 plans asked for increases of 11.4% on average for small groups; and 11.7% for individual products.

BUFFALO, N.Y. — Like nearly every other health insurer across the state, Western New York insurers saw rate request changes for 2021 cut by state regulators, with local rates for individuals set to decrease at the region’s three commercial plans; and slight increases for small groups.

Across New York, the State Department of Financial Services said increases statewide for individuals will average 1.8%, the lowest increase in a decade; and by just 4.2% for small groups, the second lowest approved during the period.

When rates requests were submitted in June, 15 plans asked for increases of 11.4% on average for small groups; and 11.7% for individual products.

Read the full article on Buffalo Business First here.