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 planning
Catastrophic plans in health insurance are not recommended for individuals with high medical expenses. These plans offer lower premiums but more expensive 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, look for plans in a tier higher than your current metal tier. This will allow you to get more for your dollar.
Catastrophic plans have monthly premiums that are as low as 1%
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 cover 100% for covered health care expenses, once you have reached your maximum deductible. 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 plans 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. However, they do not offer premium tax credits, so you may find a better value in a Bronze plan.
Catastrophic care plans cover 90% of the costs of care
For people with low incomes, or monthly premiums that are low, a catastrophic insurance plan is a good choice. Although it covers a significant portion of an individual's medical expenses, it pays a lot for emergency care. 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 may be the right choice for you if you have high annual health care expenses. 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 means your out-of–pocket costs can be several thousand. While that may seem like a lot, it is only 10% of what you will pay for your 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 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 include the requirement to meet the plan's estimated actuarial worth. The standard silver plan includes a deductible at $7,150 per annum, a 30% coinsurance and a $70 physician visit copayment. This plan is available for those with incomes less than 250% of federal poverty level.
Bronze plans pay 80% of the cost of care
The most affordable option is the bronze plan, which covers 80% for health care. They are available throughout the country and can vary depending upon where you live. Some plans provide expanded benefits while others offer no such benefit. People enrolling in these plans are choosing them for the cost-effectiveness and overall coverage. A bronze plan will typically indicate whether certain services can be covered by a copay prior to the deductible.