According to a new announcement by New York Governor Andrew M. Cuomo , the cost of health insurance for New Yorkers will be halved next year under the Obamacare exchange. Insurance regulators said that they have green lit the rates for 2014, which are 50% lower on average that current prices in New York
For example, individuals who pay US$1,000 a month for coverage can purchase health insurance for as low as US$308 monthly next year. According to them, the cost might even go down further due to financial subsidy.
"Health insurance has suddenly become affordable in New York," said Elisabeth Benjamin, Community Service Society of New York's vice president for health initiatives. She continued to say that the prices are still not "bargain-basement" level. "But we're going from Bergdorf's to Filene's here."
The Affordable Care Act was affected by the decline in the insurance industry in New York. The cost of individual insurance soared recently, attracting only 17,000 New Yorkers. The other 2.6 million were uninsured.
According to the Department of Financial Services, 17 insurers were approved to sell individual coverage through the stock exchange in New York.
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