The New York State Department of Financial Services has approved Oxford’s small group rate filing request for Q3/2015. Affected small groups and subscribers in NY will receive final rate notices 60 days prior to the group’s renewal date.
The notice mailing schedule will be monthly based on the group’s renewal date, and is as follows:
• April 28, 2015, for July 1, 2015 renewals
• May 29, 2015, for August 1, 2015 renewals
• June 26, 2015, for September 1, 2015 renewals
For your convenience, the table below shows the rate adjustment (requested percentage rate increases approved by the NYS DFS) for these subscribers, by platform and plan type:
Platform –Plan Type –Notice To –Renewal Date –Requested % Increase
Oxford EPO Subscribers July – September 2015 -2.50%
Oxford HMO Subscribers July – September 2015 -8.43%
Oxford PPO Subscribers July – September 2015 -2.86%
Oxford HNY Subscribers July – September 2015 -14.36%
UHIC EPO Subscribers July – September 2015 -0.92%
UHIC PPO Subscribers July – September 2015 -0.92%
As you will see, Oxford Liberty HMO groups will be hit the hardest. As such, it may be time to start considering Oxford EPO products moving forward, since these plans offer better value for about the same cost of an HMO plan.
Sample rate notices:
For more information regarding Oxford small business health insurance in downstate NY, contact an insurance broker.