The Department of Financial Services (DFS) announced the 2025 Health Insurance Premium Rates for the Individual and Small Group Markets. DFS provides a summary outlining the requested rate changes by insurers, versus the rate changes approved by DFS and the modification percentage of the requested rate change.
DFS reduced Individual Market insurers’ total weighted average increase request by 23.5%, from 16.6% requested to 12.7% approved for 2025.
DFS cut the weighted average of requested rate increases for insurers participating in the Small Group Market by 54.8%, from 18.6% requested to 8.4% approved for 2025.
In announcing the rate action, the DFS stated that the rising cost of medical care, including in-patient hospital stays as well as rapid increases in drug prices continues to be the main driver of health insurance premium increases. To view additional information on the Individual and Small Group Medical Premium Rate actions by insurer, click here.
