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 will cover 90% of the cost of medical care.
Plans for catastrophic events
Catastrophic policies for health insurance do not suit people who have high medical bills. These plans are low in premiums, but have higher out-of pocket costs. You can choose a catastrophic plan if you are under thirty years old or qualify for hardship exemptions. These plans won't allow you to get premium tax credits. Instead, shop around for plans at a higher tier. This will allow you to get more for your dollar.
Catastrophic policies have the lowest monthly premiums
A catastrophic plan may be the best option for you if you are looking to save money on your New York health insurance. These plans cover 100% for covered health care expenses, once you have reached your maximum 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 insurance plans have the highest annual deductibles
Catastrophic plans come with high monthly premiums and a high annual deductible. These plans may be the best option for those who need to protect themselves against 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. It pays a large amount for emergency medical care but covers only a small portion of a person's health expenses. Catastrophic plans can be especially beneficial for young people who are eligible for the hardship exemption.
Platinum plans cover 90% the cost of care
If you have large annual health expenses, a Platinum plan might be right. 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 points to remember when you think of purchasing a platinum plan.
Silver plans pay 80% off the care cost
Silver plans pay 80% of the cost of covered services. These plans are offered by individual health insurance companies and state-based marketplaces. To qualify for the individual market these plans must meet specific criteria. These include the requirement to meet the plan's estimated actuarial worth. 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 only available to those who have incomes below 250%.
Bronze plans pay 80% off the cost of care
Bronze plans pay 80% of the cost of a person's health care and are the most affordable option. They are offered in most states. The benefits can vary depending on the location. Some plans provide expanded benefits while others offer no such benefit. These plans are popular because of their cost-effectiveness and general coverage. A bronze plan will typically indicate whether certain services can be covered by a copay prior to the deductible.