SYRACUSE, N.Y. -- The state has cut New York health insurers' 2019 rate hike requests for individual policies by an average of 64 percent.
Maria T. Vullo, superintendent of the Department of Financial Services, said the reduction is part of the state's effort to "... ensure a stable market in the face of unjustified federal attacks."
The department also cut for 2019 small group plans by an average of 50 percent.
About 1.4 million New Yorkers are enrolled in individual and small group plans.
Some insurers said they needed higher rates to offset the effects of the Trump administration's repeal of the mandate that requires nearly all individuals to have health insurance or pay a penalty. Without that mandate, insurers expect some young, healthy people to drop out of the market, driving up medical costs.
The department said the impact of the mandate repeal, which takes effect in January, is uncertain.
"DFS has carefully examined the rates requested by health insurers and scrutinized every factor from an actuarial and market standpoint to ensure that the Trump Administration's many efforts to sabotage affordable and comprehensive healthcare coverage do not allow insurers to unfairly profit at the expense of consumers," Vullo said in a prepared statement.
A trade group representing state health insurers said the rate review process should be free from political considerations. "We are concerned about the impact the rate reductions will have on the stability of the marketplace and may necessitate higher increases in future years," the New York Health Plan Association said in a statement.
Insurers had requested an average increase of 24 percent for individual policies. The state cut the increase to 8.6 percent.
Here are individual policy rate increases approved for Central New York insurers:
Excellus
requested: 8.9 percent
approved: 4.6 percent
Fidelis
requested: 38.6 percent
approved: 13.7 percent
MVP
requested: 6.4 percent
approved: 1.9 percent