Department of Financial Services Announces 2026 Health Insurance Premium Rates, Saving New Yorkers $959 Million

As Health Care Costs Rapidly Rise, DFS Protects Consumers Against Significant Rate Increases

Individual Plan Rates Reduced by 47.4% from Insurers’ Requested Rates, Saving Consumers $148.2 Million

Small Group Rates Reduced by 45.8% from Insurers’ Requested Rates, Saving Small Businesses $810.8 Million

The New York State Department of Financial Services today has approved health insurers’ premium rate increases for 2026, saving consumers and small businesses approximately $959 million.  In the individual market, DFS reduced insurers’ requested rates 47.4%.  In the small group market, DFS reduced insurers’ requested rates 45.8%.  Approximately 930,000 New Yorkers are enrolled in individual and small group plans.  The rising cost of medical care, including in-patient hospital stays as well as rapid increases in drug prices, continues to be the main driver of health insurance premium increases.  In light of the continued increases in costs of health care and other consumer goods and services, DFS held insurers’ profit provisions to only 1.0%.  See additional information on requested and approved rates for the individual and small group markets.