New York offers many choices for health insurance. But it's important that you select the right plan to meet your needs. You may want to opt for a Catastrophic plan if your monthly premiums are low and you don't mind paying higher annual deductibles. These plans will cover 90% of the cost 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. If you're under the age of thirty or qualify for hardship exemptions, you can opt for a catastrophic plan. But keep in mind that you won't be able to receive premium tax credits on these plans. You should instead shop for plans with a higher metal level. This will ensure that you get better value for your money.
Catastrophic plans offer 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% for covered health care expenses, once you have reached your maximum deductible. This plan is great for those with a limited budget or who cannot afford the more expensive plans.
Catastrophic plans 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. They do not offer premium tax credit, so a Bronze plan may be a better option.
Catastrophic Plans pay 90% of care costs
For people with low incomes, or monthly premiums that are low, a catastrophic insurance plan is a good choice. 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 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'll have a $500 deductible to pay before the plan kicks in and then you'll pay just $20 per office visit. This could mean that you may have several thousand dollars in out-of-pocket expenses. While that may seem like a lot, it is only 10% of what you will pay for 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% of the costs of covered services. These plans may be offered by either individual health insurance providers or state-based marketplaces. 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 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% the cost for care
Bronze plans pay 80% of the cost of a person's health care and are the most affordable option. They are available in most states. Prices vary depending on where the person lives. Some plans include expanded benefits while some do not. 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.