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Health insurance in New York is quite different from the rest of the country, seeing as it has its own exchange platform. Its residents also pick from a list of carriers much more extensive than those in other states; they have 17 options in the exchange. There are many other changes you should know about before you enter the market in search of coverage, and this guide covers some of the most important points.

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The healthy lifestyle people in NY lead

The state’s residents have long since proven they prioritize their health and overall well-being. And they continue to do so, as shown in the results of the 2015 Commonwealth Fund’s Scorecard on State Health System Performance, where it bested 37 other places.

Ranking 13th in the study, it performed really well in the category “Equity.” It had an above average score of quintile 2 under the indicators “Access” and “Healthy Lives.” It can fare a lot better though in terms of “Prevention & Treatment,” as well as “Avoidable Hospital Use & Costs.”

Here are some of the organization’s key findings under the Healthy Lives category:

  • Mortality amenable to healthcare: 79 out of 100,000 people

  • Breast cancer fatalities: 20.6 out of 100,000 women

  • Colorectal cancer fatalities: 14 out of 100,000 individuals

  • Percentage of adult smokers: 14%

  • Adult obesity: 27%

  • Obesity in children aged 10-17: 32%

The study also provided statistical comparisons for the state’s access to health insurance. Here are a few of them:

  • 12% of adults (19 to 64 years old) don’t have insurance, compared with the national average of 15%

  • 4% of children (infants to 18 years old) are uninsured, as opposed to the countrywide average of 6%

  • 14% of the adult population chose not to obtain insurance due to the high costs associated with it

  • 12% of adults had expensive out-of-pocket medical bills

Hikes in rates and averages

The residents of the state enjoy much more stable premiums than those in many other areas of the nation. However, the individual market did see an average rate increase of about 16.6% this year. This is still much lower than the countrywide average of 25%.

As for premiums, these vary from county to county, but you can use these averages based on the rates published by the New York State Department of Financial Services.

  • Individual Health Plan: $597.26 a month

  • Two Adults: $1,194.55 a month

  • Parent and Child(ren): $1,015.37 a month

  • Family: $1,702.23 a month

Of course, your finalized premiums will still depend on the rates the insurance company will charge you with. However, note that you can find a plan that may have premiums as low as the following:

  • Individual Health Plan: $572.05 a month

  • Two Adults: $1,144.10 a month

  • Parent and Child(ren): $972.49 a month

  • Family: $1,630.34 a month

Nearly a 5% decrease in its uninsured rating

A factor that significantly influences rates is the percentage of the population without insurance. The good news is, the Empire State managed to bring it down quite considerably over the years. This year’s open enrolment alone saw over 3.6 million applications, 800,000 more than 2016. These include private health plans, the Essential Plan, the Child Health Plus, and Medicaid.

Between the years 2010 and 2015, the uninsured rating in the state went down by 4.8%, according to the U.S. Department of Health & Human Services. Back in 2010, its uninsured rating was at 11.9%. By 2015, 939,000 more individuals from its then estimated population of 19,795,791 (2015, latest data1) gained access to health coverage.

Final advice

Some people can apply for an exemption to the state-mandated health insurance, given that they meet the qualifications. Yes, you might find it more difficult to pay for coverage, what with the rate increase. However, know that you can rely on reliable insurers providing plans fit not just their clients’ health needs, but their budgets as well. To learn more, click here.

References:

https://www.healthinsurance.org/new_york-state-health-insurance-exchange/

http://datacenter.commonwealthfund.org/scorecard/state/34/new-york/

http://www.dfs.ny.gov/healthyny/rates/newyork.htm

https://aspe.hhs.gov/compilation-state-data-affordable-care-act

1Latest data: The U.S. census is conducted every 10 years as per requirement of the United States Constitution. The 23rd edition and the latest data is the 2010 United States Census. Source: https://en.wikipedia.org/wiki/2010_United_States_Census
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