New York offers many options for health insurance. However it's important you choose the right plan. If your monthly premiums are low, and you don’t mind paying higher annualdeductibles, you might consider Catastrophic plans. These plans will pay 90% of the cost for 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. If you're under the age of thirty or qualify for hardship exemptions, you can opt for a catastrophic plan. These plans will not allow you to receive premium tax credits. Instead, you should shop around for plans in a higher metal tier. This will ensure that you get better value for your money.
Catastrophic plans have monthly premiums that are as low as 1%
You may consider a catastrophic plan if you're looking for the best health insurance rates in New York. These plans cover 100% for covered health care expenses, once you have reached your maximum deductible. This type of plan is ideal for those who only have a few medical expenses each year or who can't afford the higher-cost plans.
Catastrophic insurance plans have the highest annual deductibles
Catastrophic plans come with high monthly premiums and a high annual deductible. They may be the most affordable health insurance option for people who want to cover 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
People with low incomes and low monthly premiums will find a catastrophic medical plan very useful. While it provides emergency medical care, it does not cover all of a person’s health costs. These plans are ideal for young people, as well as those who meet the hardship exemption.
Platinum plans pay 90% of the costs of care
A platinum plan may be the right choice for you if you have high annual health care expenses. 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. This is a large amount of money, but it only covers 10% of the care you receive. Here are some points to remember when you think of purchasing a platinum plan.
Silver plans pay 80% of care costs
Silver plans cover up to 80% of the cost for covered services. These plans can be offered by state-based marketplaces and individual health insurance companies. To be eligible for the individual market, these plans must meet certain requirements. These requirements include meeting the actuarial value of the plan. 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 only available to those who have incomes below 250%.
Bronze plans cover 80% for care
The most affordable option, the Bronze plan pays 80% of the cost for a person's healthcare. They are available in most states and vary depending on where a person lives. Some plans offer expanded benefits, while others don't. These plans are chosen by people who want to save money and have greater coverage. The Bronze plan will often indicate whether certain services are covered by a pre-deductible copay.