The premium rate requests made by NYSCOP member health plans earlier this year reflected the challenges in keeping up with rising health care costs. While the final approved rates announced by the State today are significant, in some instances, the Department of Financial Services fails to fully account for the increasing cost and utilization of health care services.
NYSCOP plans strive to limit rate increases to the lowest amounts possible. However, in order to protect coverage for consumers, premiums need to keep up with skyrocketing prescription drug costs, increasing state taxes, new mandates, and the continued impact of the COVID pandemic. In fact, rising drug prices continue to have an unsustainable impact on overall medical spending trends.
NYSCOP members are hopeful that State lawmakers will take meaningful action in the next year to address the true drivers of rising health care costs so that all New Yorkers can access affordable coverage and care.
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