Report: New York To Announce 50 Percent Drop In Insurance Premiums

July 17, 2013 5:27 a.m.

New York state officials are poised to announce Wednesday that unsubsidized health insurance premiums will fall by roughly 50 percent next year under the Obamacare exchanges to take effect, according to the New York Times.

“Beginning in October,” the Times reports, “individuals in New York City who now pay $1,000 a month or more for coverage will be able to shop for health insurance for as little as $308 monthly. With federal subsidies, the cost will be even lower.”

The new rates would apply to the minority of residents who — like in all states — don’t receive insurance from an employer or via Medicare or Medicaid. Supporters of the Obamacare are crediting the competitive marketplaces under the law as the reason for the drop in premiums.

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