New York offers many options for health insurance. However it's important you choose the right plan. Catastrophic insurance is a good option if you have low monthly premiums and are willing to pay higher annual deductibles. These plans cover 90% of the costs of medical care.
Catastrophic plans
Catastrophic plans for health insurance are not ideal for people with high medical bills. These plans are low in premiums, but have higher 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 won't allow you to get premium tax credits. Instead, shop around for plans at a higher tier. This will give you more value for your money.
Catastrophic policies have the lowest monthly premiums
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% for covered health care expenses, once you have reached your maximum deductible. This plan is for those who are unable to afford higher-cost plans or have very few medical expenses.
Catastrophic policies 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. Bronze plans may offer better value than Silver plans, as they do not include premium tax credits.
Catastrophic plans pay 90% of the cost of care
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. 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
A platinum plan may be the right choice for you if you have high annual health care expenses. 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. It's quite expensive, but only 10% of the actual cost of your care is being paid. Here are some points to remember when you think of purchasing a platinum plan.
Silver plans pay 80% off the care cost
Silver plans cover 80% for covered services. These plans can be offered by state-based marketplaces and individual health insurance companies. 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 cover 80% for care
Bronze plans pay 80% of the cost of a person's health care and are the most affordable option. They are available in most states and vary depending on where a person lives. 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. Most bronze plans will make it clear whether certain services are covered under a copay before the maximum deductible.