New York health insurance quotes have increased dramatically in the last year since there are less health insurance companies competing for business in the New York area. The article “Health Care Prices in New York City Skyrocket, Residents Anxious for Obamacare Policy to Kick In” by Kenneth Lovett from the Daily News Albany discusses some of the nervous feelings residents feel as they struggle to pay for individual health insurance.
As an example, Managed Health Inc’s premiums are 30% higher this May when compared to last year. While this does seem to be the most dramatic increase, it’s so significant that other insurers may follow suit. The number of HMOs serving NYC has decreased from 13 in 2004 to only 7 this year. Many insurance companies are leaving the New York market altogether. Leslie Moran, the spokesperson for the Health Plan Association of New York, says that rates may continue to increase because this population is so expensive. Industry experts agree that continuing rate hikes are causing an “adverse selection death spiral”.
As young and healthy individuals drop their coverage due to higher costs, more sick people remain which make the premiums increase even further since the healthy policyholders aren’t there to balance out costs. People are dropping their coverages dramatically. Ten years ago approximately 100,000 people carried health insurance New York individual, and now this number has plummeted to about 13,000 according to the Insurance Department. State officials are hoping that the implementation of the new health care reform bill will correct some of these issues, but there are still a few years before it goes into full effect.
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