Obamacare set to cut New Yorkers’ insurance costs by 53%

obamacare-insurance

ALBANY — Obamacare is coming, and so are drastically lower insurance rates for the thousands of New Yorkers who buy individual health care plans, state officials said.
After years of double-digit price increases, insurance plans offered through the state’s newly created Health Benefits Exchange will cost, on average, 53% less than plans currently available, according to Gov. Cuomo.

The exchange, a key component of President Obama’s health care reform, is planned as a one-stop marketplace for individuals and small businesses to seek coverage.

“New York’s health benefits exchange will offer the type of real competition that helps drive down health insurance costs for consumers and businesses,” Cuomo said.

City residents, under the rates approved Wednesday, would choose from plans with monthly premiums as low as $183.53 for bare bones coverage to nearly $1,000 for Platinum Plans.

Only about 17,000 New Yorkers currently purchase individual health care plans, but administration officials expect that number to surge past 600,000 because of the tax penalty imposed by Obamacare on those without insurance.

Consumers can begin using the exchange Oct. 1 via its website: HealthBenefitExchange.ny.gov. Officials are also looking to estalish a toll-free telephone line and set up offices around the state to aid consumers.

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