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From The New York Times:

Individuals buying health insurance on their own will see their premiums tumble next year in New York State as changes under the federal health care law take effect, state officials are to announce on Wednesday.

State insurance regulators say they have approved rates for 2014 that are at least 50 percent lower on average than those currently available in New York. Beginning in October, 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.

Supporters of the new health care law, the Affordable Care Act, credited the drop in rates to the online purchasing exchanges the law created, which they say are spurring competition among insurers that are anticipating an influx of new customers. The law requires that an exchange be started in every state.

H/t a tweet from BWD (@theonlyadult):

SHARE THIS, PEOPLE! // NYT: Health Plan Cost for New Yorkers Set to Fall 50% - #obamacare
Update 1:

In the comments, Cedwyn has a great HHS link:

And earlier today, the White House announced that President Obama will be giving a speech tomorrow (Thursday) about the benefits of the ACA. (@markknoller tweet)

More from TPM:

President Barack Obama will deliver remarks Thursday on the Affordable Care Act's economic impact on insurance companies and consumers, according to the White House. The event will begin at approximately 11:25 a.m. ET.

Originally posted to Animal Nuz on Wed Jul 17, 2013 at 06:08 AM PDT.

Also republished by The Federation, Good News, and New York City.

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