Department of Financial Services Announces 2027 Health Insurance Premium Rates, Saving New Yorkers $1.6 Billion

Individual Plan Rates Reduced by 71% from Insurers’ Requested Rates, Saving Consumers $324 Million

Small Group Rates Reduced by 66% from Insurers’ Requested Rates, Saving Small Businesses $1.25 Billion

The New York State Department of Financial Services (DFS) today has approved health insurers’ premium rate increases for 2027, saving consumers and small businesses approximately $1.6 billion.  In the individual market, DFS reduced insurers’ requested rates to 6.0%, a reduction from 20.6% requested by insurers.  In the small group market, DFS reduced insurers’ requested rates to 8.0%, a reduction from 23.7% requested by insurers.  Approximately 860,000 New Yorkers are enrolled in individual and small group plans.  The Department is focused on ensuring access to affordable health insurance and delivering meaningful cost savings for New Yorkers.  Today’s announcement builds on New York’s efforts to address the rising costs of health insurance.  The Governor has taken action to reduce what New Yorkers pay for in preventative and primary care, including eliminating out of pocket costs for insulin, inhalers, and lung cancer screenings.  See additional information on requested and approved rates for the individual and small group markets.