ALBANY, N.Y. — From protecting New York consumers from medical debt to increasing the minimum wage, the governor is giving us a peek into her 'State of the State' for 2024.
New York Governor Kathy Hochul unveiled her proposals for the 2024 State of the State Tuesday in a press conference.
“The first plank of the 2024 State of the State is our Consumer Protection & Affordability Agenda – one that combats the effects of illness, disability, unfair business practices and low wages,” Governor Hochul said. “If the last two years have been about putting more money in New Yorkers’ pockets, this year is about keeping it there and that starts with safeguarding people’s hard-earned cash.”
Among the items the governor highlighted:
Strengthening Consumer Protections: The governor has proposed actions that would strengthen consumer protections across the state, the biggest expansion of consumer laws since 1980. The proposed amendments will help protect New Yorkers from unfair and abusive business practices and allow the state to go after bad businesses.
“From taking on the companies responsible for the opioid crisis to stopping price gouging, predatory debt collectors and other deceptive business practices, we have taken on countless companies for harming New Yorkers. While we have stopped the most egregious actors, this new bill will expand and strengthen our ability to stop unfair and abusive business practices that hurt too many people. I want to thank Governor Hochul, State Senator Comrie, and Assemblymember Weinstein for working closely with my office to make these protections a priority," said New York State Attorney General Letitia James.
In addition, the governor is proposing legislation that would require 'Buy Now, Pay Later" loan companies to get a license to operate in the state, as well as issue regulations for this industry.
Expanding Paid Medical and Disability Leave Benefits: The governor is also looking to expand the maximum benefit for paid medical and disability leave. Under Hochul's plan, she will propose an amendment to current disability laws to increase the maximum benefit over the next five years and tie to the Statewide Average Weekly Wage.
The governor also proposes that for the first 12 weeks of medical leave, eligible employees would received 67% of their average weekly wage, capped at 67% of the Statewide Average Weekly Wage once fully phased in after five years
Eliminating Co-Pays for Insulin: Hochul has proposed eliminating insulin cost-sharing that would help provide financial relief for New York residents who cannot go without this life-saving medication. This proposal could help save the 1.58 million New Yorkers with diabetes an estimated $14 million in 2925 alone.
“Too many New Yorkers today must overextend their finances to afford critical healthcare, like insulin, and to pay everyday expenses, like rent. When an individual is forced to choose between the two, deprioritizing their health impacts their lives, their families, and ultimately increases costs across the healthcare system. The alternative is no better. Without enough cash to cover all expenses, New Yorkers have turned to Buy Now Pay Later products, racking up debt with companies that have operated without guardrails in this state for too long. Whether reigning in costs for critical drugs like insulin, or establishing consumer protections for Buy Now Pay Later products, I am committed to making sure that our financial system works for all New Yorkers, not against them," said New York State Department of Financial Services Superintendent Adrienne A. Harris.
Combating Medical Debt: The governor will propose legislation that would help protect New York residents from medical debt. Under her proposed plan, the legislation would include action to protect low-income residents from medical debt lawsuits by limiting a hospital's ability to sue patients that are earning less than 400% of the Federal Poverty Level. The legilsation would also expand hospital financial assistance programs.
“Governor Hochul’s actions will protect low-income New Yorkers from medical debt lawsuits and take necessary steps to expand financial assistance programs at hospitals. This legislation addresses the toll medical debt has taken on individuals’ financial wellbeing and is a significant step toward protecting all New Yorkers from medical debt, " said New York State Department of Health Commissioner Dr. James McDonald.