New York offers many options for health insurance. However it's important you choose the right plan. Catastrophic coverage is best if your monthly premiums don't exceed $70 and you aren't afraid to pay higher annual deducts. These plans will pay 90% of the cost for medical care.
Catastrophic planning
Catastrophic health insurance plans are not recommended for those with high 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. You won't receive premium tax credit for these plans. Instead, shop around for plans at a higher tier. This will allow you to get more for your dollar.
Catastrophic plans have the lowest monthly premiums
You might consider a catastrophic policy if your goal is to have the lowest monthly health insurance premiums in New York. These plans cover 100% of covered healthcare expenses once you have met your deductible. This plan is for those who are unable to afford higher-cost plans or have very few medical expenses.
Catastrophic policies have the highest annual deductibles
Catastrophic policies have very low monthly premiums, but high annual deductibles. They may be the most affordable health insurance option for people who want to cover the worst case scenario. However, they do not offer premium tax credits, so you may find a better value in a Bronze plan.
Catastrophic plans pay 90% of the cost of care
The catastrophic medical insurance plan is best for those with low incomes or who have low monthly premiums. It pays a large amount for emergency medical care but covers only a small portion of a person's health expenses. Catastrophic plans are especially ideal for young people and those who qualify for the hardship exemption.
Platinum plans pay 90% of the costs 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. Your total out-of pocket costs could be as high as several thousand dollars. That's a lot of money, but you're only paying 10% of the cost of your care. Here are some things you should consider when considering purchasing a Platinum plan.
Silver plans pay 80% of care costs
Silver plans cover 80% on covered services. These plans are offered by both state-based market places and individual health insurers. To be eligible for the individual market, these plans must meet certain requirements. These requirements include meeting the plan’s actuarial valuation. The standard silver plan has a deductible of $7,150 per year, a 30% coinsurance after the deductible, and a copayment of $70 for physician visits. This plan is for people with incomes below 250% of the federal poverty line.
Bronze plans cover 80% for care
Bronze plans pay 80% of the cost of a person's health care and are the most affordable option. They are available throughout the country and can vary depending upon where you live. Some plans include expanded benefits while some do not. These plans are chosen by people who want to save money and have greater coverage. A bronze plan will typically indicate whether certain services can be covered by a copay prior to the deductible.