Rates for Obamacare's exchanges are expected to rise 14 percent in 2018, but some plans could see a 5 percent drop, the state's insurance regulator said Tuesday.
Overall, plans on the individual market are set to increase by 14 percent in 2018 in New York, the state's Department of Financial Services said Tuesday. However, the average premium for a lowest-cost silver plan, the most popular of Obamacare's three plan types, would decrease up to 5 percent after taking into account federal tax credits, it added.
The announcement comes as some insurers in other parts of the country are calling for double-digit increases because of a mix of factors that include uncertainty from the Trump administration and lingering problems with the exchanges.
New York will have 15 insurers in the individual market, which includes Obamacare's exchanges and is used by people who don't have insurance through a job.
New York let insurers bake into their rates the cost of not receiving cost-sharing reduction payments from the federal government. The payments reimburse insurers for lowering out-of-pocket costs for poor Obamacare customers.
The Trump administration hasn't decided whether it wants to make the payments for 2018, and Congress is exploring a bipartisan deal to fund the payments next year.
The Congressional Budget Office estimated Tuesday that if the payments aren't made, premiums could rise an average 20 percent.
New York also estimated that rates for coverage on the individual market are 55 percent lower than they would have been without the Affordable Care Act, after adjusting for inflation and not including tax credits to pay down the cost of insurance.