NEW YORK STATE – Governor Andrew Cuomo says New Yorkers will save a half billion dollars on health insurance premiums this year.

With the state now limiting rate increases, the State Department of Financial Services cut the average health insurers increase to 7.5 percent. That's lower than the usual average of 12.4 percent increase. This affects health insurance policies covering about 2.3 million New Yorkers.

Cuomo says this move is just the beginning.

In a statement, the governor said, “We have made progress in holding back rates, but we recognize that much more needs to be done. This administration is firmly committed to making sure that health insurance is available to all New Yorkers. It must be made affordable by identifying ways that can be used to restrain the rising cost of health care services.”

If you'd like more information on how this affects your insurance premiums, visit www.governor.ny.gov.