New York offers many options for health insurance. However it's important you choose the right plan. Catastrophic policies are best for those who have low monthly premiums but don't mind paying higher deductibles. These plans will pay 90% of the cost for medical care.
Catastrophic plans
Catastrophic plans in health insurance are not recommended for individuals with high medical expenses. These plans have low premiums but higher out-of-pocket costs. A catastrophic plan is available to those who are younger than thirty and qualify for hardship exemptions. These plans will not allow you to receive premium tax credits. Look for plans that are in a higher-tier metal tier. This will ensure that you get better value for your money.
Monthly premiums for Catastrophic Plans are the lowest
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% of covered healthcare expenses once you have met your 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 plans have the highest annual deductibles
Catastrophic insurance plans have very low monthly premiums and high annual-deductibles. These plans may be the best option for those who need to protect themselves against the worst-case scenario. Bronze plans do not provide premium tax credits so they may not be the best value.
Catastrophic Plans pay 90% of care costs
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. The best Catastrophic Plans are for those under 25 and those who can qualify for the hardship exemption.
Platinum plans pay 90% of the cost of care
If you have large annual health expenses, a Platinum plan might be right. Before your plan kicks-in, you will have to pay $500 deductible. You'll then pay $20 per appointment. Your total out-of pocket costs could be as high as several thousand dollars. Although this is quite a sum, you are only paying 10% of what it costs to provide care. Here are some things you should consider when considering purchasing a Platinum plan.
Silver plans pay 80% off the care cost
Silver plans cover 80% on covered services. These plans are offered by both state-based market places and individual health insurers. For these plans to be accepted into the individual market, they must meet certain criteria. These include the requirement to meet the plan's estimated actuarial worth. The standard silver plan includes a deductible at $7,150 per annum, a 30% coinsurance and a $70 physician visit copayment. This plan is open to anyone with a income below the federal poverty threshold.
Bronze plans pay 80% off the cost of 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 provide expanded benefits while others offer no such benefit. 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.