ALBANY, N.Y. (NEWS10) – Health insurance rates are going up next year, and those impacted are starting to grow worried.
“I was distraught because that’s a major expense for me,” Biff Pock, Owner of Blue Note Record Shop, said.
As a small business owner and only employee of his store, Pock says these rate increases are definitely going to hurt him.
“You don’t know what’s going to happen next and it’s scary.”
The health insurance rates that were approved in August would mean a 15 percent increase for those purchasing individual health insurance and a 9 percent increase for small group policies. Pock has an individual plan, so he says he will have to tighten his belt this coming year.
“I’m going to have to watch every penny, you never know what’s around the next corner.”
Yet, the overall number of New Yorkers who will be affected by these increases is relatively low.
New Yorkers eligible for tax credits under the Affordable Care Act and who buy the lowest cost silver plans could actually see their prices drop by five percent.
“It really varies based on what type of a plan you buy,” Leslie Moran, Senior Vice President of New York State Health Plan Association, said.
According to the Department of Financial Services rising pharmaceutical costs are one of the biggest reasons people have to pay higher premiums.