New York has many options when it comes to health insurance. However, it is important that you choose the best plan for your specific needs. If your monthly premiums are low, and you don’t mind paying higher annualdeductibles, you might consider Catastrophic plans. These plans cover 90% of the costs of medical care.
Catastrophic plans
Catastrophic insurance policies are not suitable for people with high-cost medical bills. These plans have lower premiums, but higher out of pocket costs. A catastrophic plan can be chosen if you're younger than 30 and you qualify for hardship exclusions. These plans won't allow you to get premium tax credits. Instead, you should shop around for plans in a higher metal tier. This will ensure that you get better value for your money.
Catastrophic plans offer the lowest monthly premiums
You may consider a catastrophic plan if you're looking for the best health insurance rates in New York. After you reach your deductible, these plans cover 100% of your covered medical expenses. This plan is best for those who only have a handful of medical expenses each year, or who don't have the financial means to pay for higher-cost plans.
Catastrophic policies have the highest annual deductibles
Catastrophic plans have high annual deductibles and very low monthly premiums. These policies may be the most affordable form of insurance for people who want to provide coverage in 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 the cost of care
For those with low incomes (or low monthly premiums), a catastrophic plan for medical insurance is the best option. Although it covers a significant portion of an individual's medical expenses, it pays a lot for emergency care. Catastrophic plans are especially ideal for young people and those who qualify for the hardship exemption.
Platinum plans pay 90% of the cost 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. Your total out-of pocket costs could be as high as several thousand dollars. That's a lot of money, but you're only paying 10% of the cost of your care. Here are some things you should consider when considering purchasing a Platinum plan.
Silver plans cover 80% for care
Silver plans cover 80% of the costs of covered services. These plans can be offered by state-based marketplaces and individual health insurance companies. For these plans to be accepted into the individual market, they must meet certain criteria. These requirements include meeting plan's actuarial values. Standard silver plans have a deductible of $7.150 per year and a 30% coinsurance. There is also a $70 copayment for doctor visits. This plan is available for those with incomes less than 250% of federal poverty level.
Bronze plans cover 80% of the care costs
Bronze plans are the most affordable and pay 80% of a person’s health care costs. They are available in most states. Prices vary depending on where the person lives. Some plans have more benefits than others. 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.