NY health insurance companies want to raise rates by 20% or more

New York health insurers seek big rate increases due to new federal tax law

The individual mandate, a key component of the Affordable Care Act, helped mitigate against dramatic price increases by guaranteeing healthier insurance pools.

Obamacare insurers in NY and Washington State are reportedly asking for double-digit rate hikes for 2019 - blaming the repeal of the individual mandate and uncertainty over looming changes for the dizzying rise.

Obamacare required almost all Americans to have health insurance or pay a penalty, which has been repealed by the Trump administration. Emblem is seeking a 31.5 percent increase, with 12 percent attributed to the repeal.

The Pennsylvania Department of Insurance said Tuesday that health insurers filed plans for 2019 requesting an aggregate statewide increase of 5 percent. The move comes as insurers in other states also propose rate hikes ( see our special coverage ).

The state agency is expected to make a decision on the rate hike requests later this summer.

Among the 19 companies that work in the small-group market, the average increase is seven percent.

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