As the health insurance exchanges outlined in the Patient Protection and Affordable Care Act become reality, health insurance premiums for those living in New York City will decline by an average of 50 percent, according to a report in The New York Times.
The new 2014 rates, recently approved by state regulators, mean that a New Yorker currently paying $1,000 per month for health insurance coverage would be able to switch to a plan as low as $308 per month, according to the report.
"We're seeing in New York what we've seen in other states like California and Oregon — that competition and transparency in the marketplaces are leading to affordable and new choices for families," said Joanne Peters, an HHS spokeswoman, in the report.
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