These factors may change over time and may not be directly measurable.
As a result, the FOMC does not specify a fixed goal for maximum employment; rather, the FOMC's policy decisions must be informed by its members' assessments of the maximum level of employment, though such assessments are necessarily uncertain and subject to revision.
A major portion of the current rate increase for small group plans can be attributed to the Federal Risk Adjustment program, which includes flawed methodology that is adversely affecting nearly all insurers on New York State’s health exchange.Owned by Northwell Health, the state’s largest health care system, Care Connect is one of the nation’s fastest growing insurers with a more than 350 percent spike in new members over the past year.Despite the rate hikes, Care Connect’s premiums are among the most affordable on the market for individuals and small groups.Recognizing the unique characteristics of the New York health insurance market, DFS is determining how the program can be implemented in the long term to protect competition and the state’s consumers.“We are greatly disappointed that the state did not address underlying problems with the risk adjustment program before the 2017 rates were enacted because we believe DFS has the authority to make the necessary changes,” said Alan J. “To protect New York’s small businesses and families against future rate hikes, action is needed now to resolve the program’s flawed methodology.” While the risk adjustment program was originally designed by the federal government to protect insurance companies enrolling a higher-risk population, it assesses the New York population as one of the sickest in the country despite overwhelming evidence to the contrary.Meanwhile, suppliers find they are guaranteed a new, higher price than they were charging before. Taken together, these effects mean there is now an excess supply (known as a "surplus") of the product in the market to maintain the price floor over the long term.