New York offers many options for health insurance. However it's important you choose the right plan. 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 cover 90% of the costs of medical care.
Plans for catastrophic events
Catastrophic plans for health insurance are not ideal for people with 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. You will not be eligible for premium tax credits with these plans. Instead, look for plans in a tier higher than your current metal tier. This will help you get more for your money.
Monthly premiums for Catastrophic Plans are the lowest
You may consider a catastrophic plan if you're looking for the best health insurance rates in New York. These plans pay 100% of covered health care expenses after you have reached your deductible. This plan is for those who are unable to afford higher-cost plans or have very few medical expenses.
Catastrophic plans have highest annual deductibles
Catastrophic policies have very low monthly premiums, but high annual 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 do not provide premium tax credits so they may not be the best value.
Catastrophic care plans cover 90% of the costs of care
For those with low incomes (or low monthly premiums), a catastrophic plan for medical insurance is the best option. It covers an inordinate amount of medical expenses but provides a great deal of coverage for emergency medical care. Catastrophic insurance plans are especially suitable for young people or those who qualify under 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. 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 means your out-of–pocket costs can be several thousand. That's a lot of money, but you're only paying 10% of the cost of 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 up to 80% of the cost for covered services. These plans are offered by individual health insurance companies and state-based marketplaces. For these plans to be accepted into the individual market, they must meet certain criteria. These requirements include meeting plan's actuarial values. 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 available to people with incomes under 250% of the federal poverty level.
Bronze plans cover 80% the cost for care
Bronze plans are the most affordable and pay 80% of a person’s health care costs. They are available in most states and vary depending on where a person lives. Some plans include expanded benefits while some do not. People enrolling in these plans are choosing them for the cost-effectiveness and overall coverage. Most Bronze plans will indicate if certain services are covered before the deductible.