BUFFALO, N.Y. — If commercial insurers have their way, Western New York small groups and individuals could see health insurance premium increases ranging from 10.2% to 23.2%.
Insurers are required to submit rate change requests to the State Department of Financial Services for review through a prior approval process. Historically, the state knocks down those requests to single digits, with rare exceptions.
In their requests to the state, the region’s three commercial insurers with the most market share cited rising utilization and costs for medical care, equipment and prescription drugs; state and federal fees and taxes; and a requirement for the company to cover all claims while ensuring adequate reserves. Check out Buffalo Business First's website to see what local plans are asking for in 2023.
