ObamaCare lowers NY premiums by half

The exchanges are open to people who do not get insurance through their employer, but rather purchase it on their own. Most people who use the exchanges will receive a tax subsidy to help cover the cost of their premiums.

Before those subsidies are applied, the average plan for an individual living in New York City will cost $308 per month — down from $1,000 per month now, the Times reported.

The state expects about 65,000 people to purchase coverage through its exchange in the first few years.

Officials told the Times they have approved 17 insurers to sell policies in the state exchange, eight of which are entering the state's market for the first time.