CDPHP, MVP and other health insurers expect significant interest rate hikes in 2023 – The Gloversville Leader Herald
ALBANY – Health insurance companies are demanding the largest increase in premiums from state regulators in a few years – a weighted average of 18.7% for individual markets and 16.5% for the small group market. According to the weighted average, the claims of MVP Health Care and CDPHP from the capital region range from 13.6% to 38.4%, while individual rates increased by as much as 48.2%. The State Department of Financial Services reviews requests submitted by insurance companies operating in New York and typically approves a smaller amount than originally requested. In 2021, CDPHP and MVP requested an increase inRead News