Hochul's State of the State preview: Key points for New Yorkers in 2024

New Yorkers may see enhanced consumer and medical debt protections in the new year as the state teases their plans for 2024.

Ahead of next week's State of the State Address, Gov. Kathy Hochul previewed changes she's looking to propose this coming year during a virtual press conference Tuesday.

“The first plank of the 2024 State of the State is our Consumer Protection & Affordability Agenda — one that combats the effects of illness, disability, unfair business practices and low wages,” Hochul said. “If the last two years have been about putting more money in New Yorkers’ pockets, this year is about keeping it there and that starts with safeguarding people’s hard-earned cash.”

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While current state law protects residents against deceptive business practices, it does not protect against unfair and abusive business practices. Hochul said Tuesday she aims to change that through amendments to consumer protection laws.

"That would make unfair and abusive practices illegal and give the Attorney General's office a path to punish predatory operators," Hochul said Tuesday. "And it'll help deter the bad actors from using these practices that have cheated New Yorkers out of their hard-earned money and make sure it stays in their pockets."

Additionally, Hochul said she plans to propose legislation to regulate the Buy Now Pay Later loan industry, requiring Buy Now Pay Later loan providers to attain licenses to operate in New York as well as authorize the state's Department of Financial Services to propose and issue regulations for the industry.

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Increased medical and disability leave pay, insulin copays and the state's hospital financial assistance law may see some changes too.

Hochul said she plans to propose an amendment to the state's disability law to increase the maximum benefit over the next five years, tying the amount to the Statewide Average Weekly Wage.

For the first 12 weeks of medical leave, eligible employees would receive 67 percent of their average weekly wage, capped at 67 percent of the SAWW, once fully phased in after five years to match the paid family leave benefit.

And a proposal to completely eliminate insulin cost-sharing was noted as well.

"This year we're proposing legislation to ban copays for insulin," Hochul said. "This will be the most expansive insulin cost-sharing prohibition in the nation, and it'll give financial relief to over 1.6 million New Yorkers."

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Legislation is also planned to better protect New Yorkers from medical debt through the updating and expansion of the state's hospital financial assistance law. The proposed changes would limit hospitals' ability to sue patients earning less than 400% of the Federal Poverty Level, or $120,000 for a family of four.

Hospital financial assistance programs would also be expanded for low-income residents and the size of monthly payments and interest charged for medical debt would be limited, according to Hochul.

"This legislation addresses the toll medical debt has taken on individuals’ financial wellbeing and is a significant step toward protecting all New Yorkers from medical debt,” says New York State Department of Health Commissioner Dr. James McDonald.

Emily Barnes is the New York State Team consumer advocate reporter for the USA TODAY Network. Contact Barnes at ebarnes@gannett.com or on Twitter @byemilybarnes.

This article originally appeared on Rochester Democrat and Chronicle: Hochul State of the State preview: Key points for New Yorkers in 2024