New York State approves rate hikes on health insurance premiums

Health insurance premiums for about one million New Yorkers will be getting more expensive next year.

Governor Kathy Hochul's administration approved, on average, rate increases of about 12 percent for individuals and more than eight percent for small-group plans.

Despite the increase, the rate hikes are actually lower than the proposed increases of 17 percent and 19 percent that health insurers were seeking.

The State Department of Finance cited rising costs of medical care, including hospital stays and the skyrocketing costs of prescription drugs, for the increases.

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