There are many options for health insurance in New York, but it's important to choose the right plan for your needs. 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 planning
Catastrophic health insurance plans are not recommended for those with high medical bills. These plans are low in premiums, but have 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 policies 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. After reaching your deductible, these plans will cover 100% of your health care expenses. 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. They are the most affordable type of health insurance for those who want to be covered in the worst case. Bronze plans do not provide premium tax credits so they may not be the best value.
Catastrophic insurance pays 90% of the care costs
For those with low incomes (or low monthly premiums), a catastrophic plan for medical insurance is the best option. The policy pays a substantial amount for emergency medical treatment, but only covers a portion of the person's healthcare expenses. 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 may be the right choice for you if you have high annual health care expenses. Before the plan kicks into effect, there will be a $500deductible. Then you'll pay only $20 per visit. This means that your total out-of-pocket costs may be several thousand dollars. This is a large amount of money, but it only covers 10% of the care you receive. These are some things to think about if you are considering purchasing a platinum-level plan.
Silver plans pay 80% off the care cost
Silver plans cover 80% on covered services. These plans may be offered by either individual health insurance providers or state-based marketplaces. To be eligible for the individual market, these plans must meet certain requirements. 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 for people with incomes below 250% of the federal poverty line.
Bronze plans cover 80% for care
Bronze plans cover 80% of the cost and are the most affordable. 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 can be a good choice for those who are looking for cost-effectiveness as well as overall coverage. A bronze plan will typically indicate whether certain services can be covered by a copay prior to the deductible.