Final 2023 NY small group health insurance rates released by DFS

DFS has released the final approved 2023 NY small group health insurance rates in NY. Statewide, insurers requested an average rate increase of 16.5% in the small group market, which DFS cut by 52% to 7.9% for 2023, saving small businesses $632.4 million. The list of downstate requested vs. approved rate changes are listed in the chart below, with approved increases slightly higher than the statewide average.

Should you wish to review rates for all carriers, you can request a summary comparison of all carriers and networks here. You can also set up an online consult with us via our online calendar here.

Company
Requested 2023 Rate Actions
Approved 2023 Rate Actions

Emblem (HIP)
19.0%
13.6%

Empire Healthchoice Assurance
17.6%
12.1%

Healthfirst Insurance Company, Inc.
15.0%
8.4%

Oscar
19.4%
12.2%

Oxford Health Insurance Inc.
16.8%
6.0%

Peak Advisors, Inc. is a group health insurance brokerage located on Long Island, NY. We specialize in NY small business health insurance plans consisting of 1-100 employees throughout the tri-state area. In addition, we write a full array of Business, Personal, and Senior Insurance products. So give us a call at (631) 207-1800 to discuss you insurance needs.

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