(Bloomberg) — Health insurance premiums will drop by about 50% on average for consumers in New York who buy new plans through a state-run marketplace created by the Affordable Care Act.

The state approved plans to be sold by 17 insurers, including UnitedHealth Group and WellPoint, the industry’s two biggest carriers, according to a statement today by New York Governor Andrew Cuomo. The lowered rates mean that starting Oct. 1, a New York City resident who now pays at least $1,000 a month for insurance will be able to buy coverage for as little as $308, according to rates posted by governor’s office.

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