New York offers many options for health insurance. However it's important you choose the right plan. Catastrophic insurance is a good option if you have low monthly premiums and are willing to pay higher annual deductibles. These plans will cover 90% for the cost of your medical care.
Plans for catastrophic events
Catastrophic policies for health insurance do not suit people who have high medical bills. These plans have low premiums but higher out-of-pocket costs. If you're under the age of thirty or qualify for hardship exemptions, you can opt for a catastrophic plan. These plans won't allow you to get premium tax credits. You should instead shop for plans with a higher metal level. This will allow you to get more for your dollar.
Monthly premiums for Catastrophic Plans are the lowest
If you are looking for the lowest monthly premiums for health insurance in the state of New York, you may want to consider a catastrophic plan. These plans pay 100% of covered health care expenses after you have reached your deductible. This plan is perfect for people who have only a small number of medical expenses per year or can't afford higher-cost plans.
Catastrophic plans have highest annual deductibles
Catastrophic plans offer high annual premiums but low deductibles. These plans may be the best option for those who need to protect themselves against the worst-case scenario. Bronze plans may offer better value than Silver plans, as they do not include premium tax credits.
Catastrophic plans pay 90% of the cost of care
For those with low incomes (or low monthly premiums), a catastrophic plan for medical insurance is the best option. While it provides emergency medical care, it does not cover all of a person’s health costs. These plans are ideal for young people, as well as those who meet the hardship exemption.
Platinum plans pay 90% of the cost of care
A platinum plan could be right for someone who has a lot of health expenses each year. Before your plan kicks-in, you will have to pay $500 deductible. You'll then pay $20 per appointment. This means your out-of–pocket costs can be several thousand. It's quite expensive, but only 10% of the actual cost of your care is being paid. These are some things to think about if you are considering purchasing a platinum-level plan.
Silver plans cover 80% of the care costs
Silver plans cover 80% of the costs of covered services. These plans are offered both by state-based markets and individual insurance companies. To qualify for the individual market these plans must meet specific criteria. These requirements include meeting the actuarial value of the plan. The standard silver plan includes a deductible at $7,150 per annum, a 30% coinsurance and a $70 physician visit copayment. This plan is only available to those who have incomes below 250%.
Bronze plans cover 80% the cost for care
Bronze plans are the most affordable and pay 80% of a person’s health care costs. They are available in all 50 states, and the benefits vary depending on where one 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. Bronze plans will usually make it clear if certain services are covered by a copay before the deductible.