According to the article “Sen. Chuck Schumer report: Rise in health insurance costs is sickening for New Yorkers” by Rachel Monahan on nydailynews.com, New York health insurance costs are up 81% since 2000.  New Yorkers with health insurance are spending on average one out of every ten dollars on health care costs.

This information comes from a report by Senator Chuck Schumer D-NY who is pushing Congress towards Obama’s health care reform plan.  Schumer states the skyrocketing costs of New York health insurance not only hurts people who buy their own insurance, but also hurts companies who are trying to offer health insurance as a benefit.  They can’t hire as many employees, they make layoffs and make cuts on the health insurance benefits they offer.

Schumer revealed that 3.5 million New Yorkers pay over 10% of their income for health care despite insurance.  Insurance costs have risen faster than medical care according to Schumer.  He believes there is limited competition in the industry causing the high rises in group and individual health insurance rates.  He said the solution lies in Obama’s plan for a public health insurance plan to compete with private health insurance companies.