In approving the $69 billion merger of CVS and Aetna, the state Department of Financial Services attached a noteworthy condition: The two companies must forward $40 million to the state of New York. It was the second time this year that the Cuomo administration has leveraged its regulatory authority over a health insurance company to extract a large sum of cash.
As the state prepares to collect $2 billion in proceeds from the sale of Fidelis Care, the Cuomo administration has quietly revised its statement on how it will use the money, shifting to an emphasis on service for the needy rather than support for providers.
The state’s employer-sponsored health insurance premiums spiked by more than 10 percent in 2017, leaving New Yorkers with the some of the highest coverage costs in the contiguous United States.
Health insurers’ rate applications for 2019, which became public late Friday, raise red flags about the condition of New York’s non-group market.
This month’s setbacks for New York’s healthcare system were largely driven by flaws in the ACA, not by attacks on the law from President Trump or Republicans in Congress.
The double-digit premium hikes looming for non-group health insurance consumers in New York appear to be driven more by state and federal government policy than by the underlying cost of medical care.
As health plans across the state announce their requested premium increases for 2018, the Cuomo administration’s policy decisions are taking more blame than the turmoil in Washington.
There are plenty of reasons for New Yorkers to be leery of the House Republican health plan, but Governor Andrew Cuomo’s gestures of resistance on Monday raise several objections