Each year, health plans must submit premium rates to the New York State Department of Financial Services (DFS) for review and approval. As the leading health services provider in the Northeast, MVP’s rate requests are built to meet the anticipated rising costs of goods and services while ensuring customers can maintain access to care when and where they need it at affordable price points.
MVP's individual rate request for 2024 is a 13.3% increase, notably lower than competitors requesting up to a 52.7% increase. Similarly, in the small group segment, MVP submitted increase requests at 10.3% for its EPO product and 11% for its HMO product, with competitor requests as high as 25.3%.
"At MVP Health Care, we’re deeply committed to the health and well-being of our customers and work tirelessly to ensure they have access to high-quality and affordable health care options," said MVP Health Care’s President and CEO, Chris Del Vecchio. "While the rising costs of health care services and prescription drugs, combined with high utilization within New York State, requires a proposed rate increase, we’re pleased to submit the lowest request among competitors with individual and small group plans. Our dedication to innovation has resulted in benefits built around the customer and improved customer experience. We look forward to working hand in hand with local health care providers, the state, and our customers to ensure that as costs continue to rise, we continue to provide our customers with exceptional care."
MVP meets customers where they are by offering a wide network of providers both in-person or virtually, ensuring everyone can access care in the way that works best for them. Notably, MVP’s telemedicine app, Gia, provides access to $0 virtual care for urgent and emergency needs, specialty care, and primary care for customers aged 18 and over, pending DFS approval of 2024 plans. MVP’s 2024 plans also include a proposed reimbursement of up to $600 per contract, per calendar year, for money spent on well-being programs and activities.
Once DFS approves the 2024 premium rates, MVP will send customers a notice indicating the approved premium rate change. This notification will be mailed to customers at least 60 days before their plan’s renewal date. Open enrollment for individual and small group plans in New York State begins November 16, 2023, and runs through January 31, 2024.
For more information on 2024 rates, please visit https://www.mvphealthcare.com/welcome/coverage or call 1-800-TALK-MVP.
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About MVP Health Care
MVP Health Care is a nationally recognized, not-for-profit health insurer caring for members in New York and Vermont. Committed to the complete well-being of our members and the communities we serve, MVP makes health insurance more convenient, more supportive, and more personal. For more information visit www.mvphealthcare.com or on Facebook, Twitter, Instagram, and LinkedIn.