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WNY health insurers seek 2024 rate hikes ranging from 12.6% to 39.2%

Statewide for 2024, the average increase requested by the 12 insurers registered by New York offering individual plans was 20.9%, while the 15 health plans that offe
Health insurance document

BUFFALO, N.Y. — Citing ongoing health care cost increases and regulatory fees and taxes, Western New York health plans have requested rate increases for 2024 as high as 39% for individuals and 22% for small groups.

Health insurers across the state were required to file their requested rates for 2024 with the State Department of Financial Services, which regulates and issues final approvals before any rate changes go into effect. Those final approvals generally come late summer, giving commercial groups and individuals time to shop around for new plans for the next calendar year.

You can read what the Western New York region’s three main commercial insurers are asking for in 2024 on Buffalo Business First's website.

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