Governor Kathy Hochul's administration approved, on average, rate increases of about 12 percent for individuals and more than eight percent for small-group plans.
Despite the increase, the rate hikes are actually lower than the proposed increases of 17 percent and 19 percent that health insurers were seeking.
The State Department of Finance cited rising costs of medical care, including hospital stays and the skyrocketing costs of prescription drugs, for the increases.
MORE NEWS: Murder-suicide of 5 in Syosset stemmed from dispute over will of deceased mother, sale of her home
Murder-suicide of 5 in Syosset stemmed from dispute over will
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