We the Patients

Nick talks Rate Review on TikTok

What’s Rate Review?

Health plans in New York are involved in something called rate review. It happens every year, but what is it?

In short, rate review is how healthcare costs are decided. Every year, insurers submit a request to increase costs to the Department of Financial Services. Plans can also submit a request to decrease costs, but this is much rarer — most plans increase costs year on year. This year, the average increase request was 12%, and some increases hit almost 20%. If that sounds high, that’s because it is! Fortunately, DFS refused the largest increases this year. Additionally, DFS cut the amount of profit insurance companies extract from patients this year too!

Part of the rate review process is public comment — you can tell DFS what you think of the proposed cost increases! Keep track of rate review proposals by checking @WeThePatientsNY and @hcfany on Twitter! Below, watch out TikTok on this year’s proposals!

@wethepatientsnyReply to @wethepatientsny part 1: what is rate review and why does it matter? #fyp ##health♬ original sound – WeThePatientsNY