New York Gov. Andrew Cuomo (D) announced Wednesday that prices for individual health insurance policies are on the brink of plunging 50 percent or more thanks to provisions in the Affordable Care Act.
A spokesperson for the governor’s office told The New York Times that the new rates mean that individuals with health policies currently running over $1,000 a month will soon be facing bills up to just $308, and even less after a subsidy from what critics have dubbed “Obamacare.”
The change comes thanks to New York’s online insurance exchange, a key provision of the Affordable Care Act that forces insurers to compete with one another. The 2014 rates were approved for the marketplace by New York’s insurance regulator on Wednesday, and should be in effect by October. The news can only sound like relief to the 18 percent of New Yorkers who are either uninsured or pay for an individual policy — a pool of just over 2.6 million people, the Times estimated.
The state shelled out more for health care per capita than almost any other state in the nation in 2009, according to the Kaiser Family Foundation. New York’s per capita health spending was only topped in 2009 by Delaware, Maine, Connecticut, Alaska, Massachusetts and Washington, D.C., Kaiser noted. The nation’s third most populous state also found itself in second place that same year for overall health care spending, Kaiser pointed out. In that category, New York ended up just behind California in 2009, despite having nearly 20 million fewer people to care for.
Stephen C. Webster is the senior editor of Raw Story, and is based out of Austin, Texas. He previously worked as the associate editor of The Lone Star Iconoclast in Crawford, Texas, where he covered state politics and the peace movement’s resurgence at the start of the Iraq war. Webster has also contributed to publications such as True/Slant, Austin Monthly, The Dallas Business Journal, The Dallas Morning News, Fort Worth Weekly, The News Connection and others. Follow him on Twitter at @StephenCWebster.
Raw Story is a progressive news site that focuses on stories often ignored in the mainstream media. While giving coverage to the big stories of the day, we also bring our readers' attention to policy, politics, legal and human rights stories that get ignored in an infotainment culture driven solely by pageviews.
Founded in 2004, Raw Story reaches 9 million unique readers per month and serves more than 30 million pageviews.