The New York Department of Financial Services decreased the overall premium rates requested by health insurers for individuals and small group plans for 2020 to 6.8% from 9.2% and to 7.9% from 12.2%, respectively.

The reduction in the requested rates for individual coverage will help consumers save more than $50 million, while the cut in the requested rates for small group plans will save small businesses more than $313 million. More than 1.3 million New Yorkers are enrolled in individual and small group plans.

Consumers who get federal Affordable Care Act tax credits, or 47% of all individual market enrollees, will see the cost of their coverage unchanged in 2020 versus 2019, according to the regulator.