New York offers many options for health insurance. However it's important you choose the right plan. If your monthly premiums are low, and you don’t mind paying higher annualdeductibles, you might consider Catastrophic plans. These plans will cover 90% the cost of medical treatment.
Catastrophic Plans
Catastrophic insurance policies are not suitable for people with high-cost medical bills. These plans offer lower premiums but more expensive out-of–pocket costs. You can choose a catastrophic plan if you are under thirty years old or qualify for hardship exemptions. You won't receive premium tax credit for these plans. Look for plans that are in a higher-tier metal tier. This will give you more value for your money.
Catastrophic plans have monthly premiums that are as low as 1%
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 great for those with a limited budget or who cannot afford the more expensive plans.
Catastrophic plans have the highest annual deductibles
Catastrophic plans have high annual deductibles and very low monthly premiums. 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 care plans cover 90% of the costs of care
The catastrophic medical insurance plan is best for those with low incomes or who have low monthly premiums. It pays a large amount for emergency medical care but covers only a small portion of a person's health expenses. These plans are ideal for young people, as well as those who meet the hardship exemption.
Platinum plans pay 90% of the costs of care
If you have a lot of annual health expenses, a platinum plan might be right for you. Before your plan kicks-in, you will have to pay $500 deductible. You'll then pay $20 per appointment. This means your out-of–pocket costs can be several thousand. Although this is quite a sum, you are only paying 10% of what it costs to provide care. If you're considering purchasing a platinum plan, here are some things to consider:
Silver plans pay 80% of the cost of care
Silver plans cover up to 80% of the cost for covered services. These plans are offered by both state-based market places and individual health insurers. To be eligible for the individual market, these plans must meet certain requirements. These requirements include meeting the plan’s actuarial valuation. The standard silver plan includes a deductible at $7,150 per annum, a 30% coinsurance and a $70 physician visit copayment. 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 available in most states. Prices vary depending on where the person lives. Some plans include expanded benefits while some do not. These plans are attractive because they offer both cost-effectiveness, and comprehensive coverage. The Bronze plan will often indicate whether certain services are covered by a pre-deductible copay.