State bars insurers from hiking rates due to mandate repeal
NEW YORK CITY (AP) — New York state is moving to prevent health insurers from raising premiums because of the repeal of a federal requirement for most people to carry insurance.
Gov. Andrew Cuomo announced the move in a speech Monday in Manhattan. The Democrat says he will direct state regulators to reject rate hikes from insurance companies that cite the repeal of the individual mandate as justification.
In response, the New York Health Plan Association, an insurance trade group, says the repeal will drive up costs and that politicizing rate hike requests won’t help the market.
The Affordable Care Act’s individual mandate required most Americans to have insurance or face fines. Congress voted last year to eliminate that requirement starting in 2019.
Cuomo’s remarks were briefly interrupted by hecklers demanding single-payer health care.