New Yorkers have many choices when it comes to their health insurance. It's important to select the right plan for you. 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.
Catastrophic plans
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. But keep in mind that you won't be able to receive premium tax credits on these plans. Look for plans that are in a higher-tier metal tier. This will help you get more for your money.
Monthly premiums for Catastrophic Plans are the lowest
A catastrophic plan is a good option if you want to pay the lowest monthly premiums in New York for your health insurance. These plans pay 100% of covered health care expenses after you have reached your deductible. This plan is great for those with a limited budget or who cannot afford the more expensive plans.
Catastrophic plans have highest annual deductibles
Catastrophic policies have very low monthly premiums, but high annual deductibles. These plans may be the best option for those who need to protect themselves against 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 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. 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 could be right for someone who has a lot of health expenses each year. Before the plan kicks into effect, there will be a $500deductible. Then you'll pay only $20 per visit. This means that your total out of pocket expenses could reach several thousand. 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 may be offered by either individual health insurance providers or state-based marketplaces. To qualify for the individual market these plans must meet specific 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% of the care costs
Bronze plans cover 80% of the cost and are the most affordable. 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.