The double-digit rate requests filed with the New York Department of Financial Services apply to private health plans and small groups with fewer than 100 people, which would impact about 143,000 people in Western New York.
Insurance companies attribute the need for stark increases to rising medical costs as well as government fees, taxes and policies.
As in years past, the state will likely reduce BCBS of Western New York’s proposed increases. However, health insurance industry representatives told The Buffalo News that repeated rate reductions by the state will cause gaps between costs of insurance plans and revenue from premiums.
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