New Yorkers have many choices when it comes to their health insurance. It's important to select the right plan for you. If your monthly premiums are low, and you don’t mind paying higher annualdeductibles, you might consider Catastrophic plans. These plans will cover 90% for the cost of your medical care.
Catastrophic plans
Catastrophic policies for health insurance do not suit people who have high medical bills. These plans offer lower premiums but more expensive 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.
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. 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 plans offer high annual premiums but low deductibles. These policies may be the most affordable form of insurance for people who want to provide coverage in the worst-case scenario. Bronze plans may offer better value than Silver plans, as they do not include premium tax credits.
Catastrophic care plans cover 90% of the costs of care
For people with low incomes, or monthly premiums that are low, a catastrophic insurance plan is a good choice. The policy pays a substantial amount for emergency medical treatment, but only covers a portion of the person's healthcare expenses. Catastrophic plans can be especially beneficial for young people who are eligible 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. You will need to pay a $500 deductible before your plan kicks off. After that, the plan will only cost $20 per office visit. This could mean that you may have several thousand dollars in out-of-pocket expenses. It's quite expensive, but only 10% of the actual cost of your care is being paid. Here are some points to remember when you think of purchasing a platinum plan.
Silver plans cover 80% for care
Silver plans cover 80% on covered services. These plans may be offered by either individual health insurance providers or state-based marketplaces. For these plans to be accepted into the individual market, they must meet certain criteria. These requirements include meeting the plan’s actuarial valuation. Standard silver plans have a $7,150 deductible per year, a 30% coinsurance, and a $70 copayment to cover physician visits. This plan is open to anyone with a income below the federal poverty threshold.
Bronze plans pay 80% of the cost of 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 of these plans have expanded benefits while others do not. These plans are popular because of their cost-effectiveness and general coverage. A bronze plan will typically indicate whether certain services can be covered by a copay prior to the deductible.