The Big Picture III: Private and Public Health Insurance Markets in New York, 2009
The Big Picture is the Fund’s series of yearly reports that highlight enrollment and financial results in New York’s public and private insurance markets. This third installment in the series reports that total premiums paid by government, individuals, and businesses for public and private insurance coverage approached $50 billion in 2009, a 7.5 percent increase over the previous year. And commercial health plans reversed a three-year decline in profits in 2009, posting gains of $921.7 million—a 25 percent increase over 2008.
The report examines factors contributing to increased profitability and considers the state’s forthcoming challenges related to structuring a health insurance exchange. (Updated May 13, 2011, to correct an error in medical loss ratio calculations regarding uncounted expenses and revenues in HMO lines of business; Table 11 and pages 15-16 were affected by this change. Further updated July 26, 2011, to correct the Independent Health Association’s results for the Healthy NY program in Table 4, page 23; row and column totals were not affected by this error.)
Read the related press release.