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Member, Beacon International Group, Ltd.
Health insurers serving individuals and small businesses in New York are requesting 2023 rate increases as high as 30% in some cases, although the weighted average is 18.7% for individuals and 16.5% for the small group employer market that includes companies under 100 people, reports the Albany Times-Union. Although the New York Department of Financial Services usually approves much smaller rate increases than those requested by insurers, the requests this year are the highest in the last five years.