Governor Andrew Cuomo announced on Wednesday that New Yorkers buying health insurance on their own will see their premiums fall drastically starting next year when the federal health care law, also known as Obamacare, begins to take effect. The New York Times reports that the approved rates for 2014 by state insurance regulators are 50 percent lower on average than the current rates.

These new lower premium rates do not pertain to employees receiving health insurance through their employers. The NY Times reports that only 17,000 New Yorkers purchase health insurance on their own. However, state officials believe as many as 615,000 people will be buying health insurance on their own just a few years after Obamacare takes effect.

“New York’s health benefits exchange will offer the type of real competition that helps drive down health insurance costs for consumers and businesses,” Gov. Cuomo said via the NY Times. Do you think the new federal health care law will improve New York’s current health care system?

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