New Law to Drop Health Insurance Costs in New York ... - Bankruptcy

By John Clark

The Affordable Care Act has received plenty of criticism from both sides of the political aisle, but it will likely allow New Yorkers to drop their health insurance costs by 50 percent next year, according to a report from The New York Times.

Sources say the federal health care law has led a significant decrease in insurance costs in the Empire State, which could reduce the high levels of medical debt in New York.
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Affordable Care Act Starting Impact Health Insurance Costs

Gov. Andrew Cuomo announced this week that state regulators have started approving health insurance premiums for 2014 that are up to 50 percent lower than rates available in New York today.

This October, for example, New York City residents who currently pay $1,000 a month for health insurance will be able to find comparable coverage for as little as $308 a month.

And with the addition of federal subsidies to the mix, these health insurance costs could dip even lower, according to sources following the insurance trends.

According to supporters of the new law, the drop in rates is due to the online purchasing exchanges created by the Affordable Care Act. In theory, these exchanges are supposed to create competition between insurance companies, forcing them to lower rates

The new law requires that similar exchanges be implemented in every state, and officials from the Obama Administration believe that other states will have similar success.

?We?re seeing in New York what we?ve seen in other states like California and Oregon ? that competition and transparency in the marketplaces are leading to affordable and new choices for families,? said Joanne Peters, an official with the Department of Health and Human Services.

Effect of Health Care Law on Medical Debt Remains Unclear

But while the new health care law seems to be having a positive impact, the new insurance rates only apply to New Yorkers who purchase health care on their own. Those with employer-based coverage may not necessarily see the same benefits, according to reports.

Sources note, however, that roughly 2.6 million people in New York do not currently have health insurance, so a large number of residents may be able to take advantage of the lower rates.

In fact, state authorities believe that more than 600,000 residents of New York will decide to buy their own health insurance during the first few years of the program, although this is simply speculation.

Source: http://www.clearbankruptcy.com/blog/new-law-to-drop-health-insurance-costs-in-new-york-by-50-percent/

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