A report to be released Monday by an insurance group found state-imposed taxes on those who purchase private health insurance coverage amounts to a large chunk of New York’s overall budgetary revenue.
The report found the total tax revenue on private health insurance amounts to a projected $5.2 billion in 2019, increasing premiums between 6 and 9 percent.
The report released by the New York State Conference of Blue Cross and Blue Shield Plans found taxes on private health care insurance ranked third highest after the personal income taxes and collected sales taxes, $15.1 billion.
Overall, taxes on private health care coverage has hit 6 percent of New York’s overall tax revenues, the report found.
“As New York continues to make great strides in reducing the number of uninsured in the State, reducing or eliminating hidden health insurance taxes will make coverage more affordable and is the next critical step toward universal coverage,” said Leanne Politi, the executive director of communications for the New York State Conference of Blue Cross and Blue Shield Plans.
The report also detailed four different types of taxes that are increasing health care costs in the state, which remain the highest business tax levied by the state.
The full report can be found here.