CDPHP, MVP, other health insurers seek major rate hikes in 2023

ALBANY — Health insurers are asking state regulators for their largest premium increases in several years — a weighted average of 18.7% for the individual market and 16.5% for the small group market.By weighted average, the requests submitted by Capital Region-based insurers MVP Health Care and CDPHP range from 13.6% to 38.4%, with individual rate increases of as much as 48.2%.The state Department of Financial Services reviews the requests submitted by insurers operating in New York and typically approves a lesser amount than originally requested. In 2021, CDPHP and MVP requested premium increases ranging from 4.9% to 16.9% but were granted 3.4%…
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State moves to rein in prescription drug management firms

State moves to rein in prescription drug management firms

ALBANY — More oversight is coming to prescription drug plans in New York.The state, a latecomer to regulating prescription benefit managers, put a PBM reform package in place four months ago and last week announced formation of a watchdog bureau to oversee the PBM industry.Also last week, Albany-based health insurer CDPHP announced it would end its contract with Caremark, the nation's largest PBM, and retain Capital Rx, a much smaller PBM with a very different business model, to manage its prescription drug plans.Most of the pharmacies that CDPHP members now use will remain in the network. There will just be a…
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