Health insurance premiums are expected to significantly surge in New York in 2025, this will impact around 1 million people i.e. as many people as the total population of Delaware and many small business entities. Individually negotiated plan rates will rise on average by 12.7%; small group plans will rise by 8.4%. The increases resulting from the increased costs were partly regulated by state regulators, who capped insurer profit provisions to only 1 % of the overall medical costs; largely due to soaring hospital costs as well as costs of drugs. Although considerably less than what insurers first requested, the approved hikes will cause New Yorkers to pay millions more in premiums than they would in 2024. The Health Plan Association of insurers note that factors such as high hospital charges and drug prices are the reason for the requests while the regulator points towards their work in ensuring that the hikes are even higher.
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