Health care premiums are known to be really high, insurance companies prepare for the worst illness by charging consumers a lot for packages. Beginning in October, individuals in New York City who now pay $1,000 a month or more for coverage will be able to shop for health insurance for as little as $308 monthly. Individuals buying health insurance are expecting premiums to tumble in New York state according, to the federal health care law take effect, Gov. Andrew M. Cuomo announced on Wednesday.
Elisabeth Benjamin, vice president for health initiatives says “The extraordinary decline in New York’s insurance rates for individual consumers demonstrates the profound promise of the Affordable Care Act.”
Who will these premium rates affect?
It will affect only those who buy insurance on their own. Because the cost of individual coverage has soared, only 17,000 New Yorkers currently buy insurance on their own. About 2.6 million are uninsured in New York State.
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