New York offers many options for health insurance. However it's important you choose the right plan. Catastrophic policies are best for those who have low monthly premiums but don't mind paying higher 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 come with lower premiums and higher out-of-pocket expenses. 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. You should instead shop for plans with a higher metal level. This will allow you to get more for your dollar.
Catastrophic plans offer 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. 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 the highest annual deductibles
Catastrophic plans have high annual deductibles and very low monthly premiums. For people who are looking to cover the worst possible scenario, they may be the best and most affordable option for health insurance. 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. The best Catastrophic Plans are for those under 25 and those who can qualify for the hardship exemption.
Platinum plans cover 90% of the care costs
If you have a lot of annual health expenses, a platinum plan might be right for you. 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. That's a lot of money, but you're only paying 10% of the cost of your care. If you're considering purchasing a platinum plan, here are some things to consider:
Silver plans pay 80% of the cost of care
Silver plans cover 80% of the costs of covered services. These plans are offered both by state-based markets and individual insurance companies. To be eligible for the individual market, these plans must meet certain requirements. These requirements include meeting the plan's actuarial value. The standard silver plan has a maximum deductible of $7.150, a 30% coinsurance following the deductible, as well as a copayment $70 for doctor visits. This plan is available for those with incomes less than 250% of federal poverty level.
Bronze plans pay 80% off the cost of care
The most affordable option is the bronze plan, which covers 80% for health care. They are available in most states and vary depending on where a person lives. Some plans provide expanded benefits while others offer no such benefit. 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.