There are many options for health insurance in New York, but it's important to choose the right plan for your needs. Catastrophic insurance is a good option if you have low monthly premiums and are willing to pay higher annual deductibles. These plans will cover 90% of the cost 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. You can also opt for a catastrophic policy if you are below the age of 30 or qualify under hardship exemptions. 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 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 reaching your deductible, these plans will cover 100% of your health care expenses. This type of plan is ideal for those who only have a few medical expenses each year or who can't afford the higher-cost plans.
Catastrophic insurance plans have the highest annual deductibles
Catastrophic plans come with high monthly premiums and a high annual deductible. They are the most affordable type of health insurance for those who want to be covered in the worst case. They do not offer premium tax credit, so a Bronze plan may be a better option.
Catastrophic insurance pays 90% of the care costs
People with low incomes and low monthly premiums will find a catastrophic medical plan very useful. Although it covers a significant portion of an individual's medical expenses, it pays a lot for emergency care. These plans are ideal for young people, as well as those who meet the hardship exemption.
Platinum plans cover 90% the cost of care
If you have large annual health expenses, a Platinum plan might be right. There will be a $500 deductible that you must pay before your plan kicks in. After that, you'll only pay $20 per office visit. This could mean that you may have several thousand dollars in out-of-pocket expenses. 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% of the cost of care
Silver plans cover up to 80% of the cost 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 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 open to anyone with a income below the federal poverty threshold.
Bronze plans pay 80% off the cost of care
The most affordable option is the bronze plan, which covers 80% for health care. They are offered in most states. The benefits can vary depending on the location. Some plans include expanded benefits while some do not. These plans are chosen by people who want to save money and have greater coverage. A bronze plan will typically indicate whether certain services can be covered by a copay prior to the deductible.