Health Insurance Rate Hikes Possibly on the Way

The State Department of Financial Services says rate hikes, some significant, could be on the way for certain New Yorkers.

The estimated 250,000 Empire State citizens being affected have one thing in common: they purchased health insurance through New York's online exchange to meet Affordable Care Act, or Obamacare, requirements.

The Times-Union says the expected average increase works out to about 16.5%.

However, one insurer in Buffalo is asking for a much larger hike, calculated at above 47%.

The insurer says rising costs of medical treatment and prescription drugs are among the main reasons for the large hike request.

Luckily, the majority of New Yorkers who receive health insurance through their employers will not be affected by any increase.

Vice President Mike Pence says President Trump's goal is to repeal and replace Obamacare before the summer is over.

He adds that Obamacare is making health insurance unaffordable for millions of Americans, with more than 6.5 million citizens having paid 3 billion dollars in penalties to the IRS, instead of signing up for an Obamacare plan.

Photo: Getty Images

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