New Yorkers have many choices when it comes to their health insurance. It's important to select the right plan for you. You may want to opt for a Catastrophic plan if your monthly premiums are low and you don't mind paying higher annual deductibles. These plans cover 90% of the costs of medical care.
Catastrophic plans
Catastrophic insurance policies are not suitable for people with high-cost medical bills. These plans have lower premiums, but higher out of pocket costs. You can also opt for a catastrophic policy if you are below the age of 30 or qualify under hardship exemptions. These plans won't allow you to get premium tax credits. Instead, shop around for plans at a higher tier. This will give you more value for your money.
Catastrophic policies have the lowest monthly premiums
A catastrophic plan is a good option if you want to pay the lowest monthly premiums in New York for your health insurance. After reaching your deductible, these plans will cover 100% of your health care expenses. This plan is great for those with a limited budget or who cannot afford the more expensive plans.
Catastrophic policies have the highest annual deductibles
Catastrophic insurance plans have very low monthly premiums and high annual-deductibles. These policies may be the most affordable form of insurance for people who want to provide coverage in the worst-case scenario. However, they do not offer premium tax credits, so you may find a better value in a Bronze plan.
Catastrophic policies pay 90% of the cost for care
For people with low incomes, or monthly premiums that are low, a catastrophic insurance plan is a good choice. It pays a large amount for emergency medical care but covers only a small portion of a person's health expenses. Catastrophic plans can be especially beneficial for young people who are eligible for the hardship exemption.
Platinum plans cover 90% of the care costs
A platinum plan could be right for someone who has a lot of health expenses each year. You'll have a $500 deductible to pay before the plan kicks in and then you'll pay just $20 per office visit. Your total out-of pocket costs could be as high as several thousand dollars. It's quite expensive, but only 10% of the actual cost of your care is being paid. If you're considering purchasing a platinum plan, here are some things to consider:
Silver plans cover 80% of the care costs
Silver plans cover 80% for covered services. These plans may be offered by either individual health insurance providers or state-based marketplaces. These plans must fulfill specific requirements to be eligible for the individual markets. These include the requirement to meet the plan's estimated actuarial worth. Standard silver plans have a deductible of $7.150 per year and a 30% coinsurance. There is also a $70 copayment for doctor visits. This plan is available for those with incomes less than 250% of federal poverty level.
Bronze plans cover 80% for care
Bronze plans cover 80% of the cost and are the most affordable. They are available in most states. Prices vary depending on where the person lives. Some plans include expanded benefits while some do not. These plans are chosen by people who want to save money and have greater coverage. The Bronze plan will often indicate whether certain services are covered by a pre-deductible copay.