New York offers many choices for health insurance. But it's important that you select the right plan to meet your needs. Catastrophic policies are best for those who have low monthly premiums but don't mind paying higher deductibles. These plans will cover 90% of the cost of medical care.
Catastrophic plans
Catastrophic health insurance plans are not recommended for those with high 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. You won't receive premium tax credit for these plans. You should instead shop for plans with a higher metal level. This will give you more value for your money.
Monthly premiums for Catastrophic Plans are the lowest
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. These plans may be the best option for those who need to protect themselves against 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 care costs
People with low incomes and low monthly premiums will find a catastrophic medical plan very useful. 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 cover 90% the cost of care
A platinum plan may be the right choice for you if you have high annual health care expenses. There will be a $500 deductible that you must pay before your plan kicks in. After that, you'll only pay $20 per office visit. Your total out-of pocket costs could be as high as several thousand dollars. It's quite expensive, but only 10% of the actual cost of your care is being paid. These are some things to think about if you are considering purchasing a platinum-level plan.
Silver plans cover 80% of the care costs
Silver plans cover up to 80% of the cost for 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 value. Standard silver plans have a $7,150 deductible per year, a 30% coinsurance, and a $70 copayment to cover physician visits. This plan is available for those with incomes less than 250% of federal poverty level.
Bronze plans pay 80% of the cost of care
Bronze plans are the most affordable and pay 80% of a person’s health care costs. They are offered in most states. The benefits can vary depending on the location. Some plans have more benefits than others. These plans can be a good choice for those who are looking for cost-effectiveness as well as overall coverage. Bronze plans will usually make it clear if certain services are covered by a copay before the deductible.