New Yorkers have many choices when it comes to their health insurance. It's important to select the right plan for you. 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% the cost of medical treatment.
Catastrophic Plans
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. You can also opt for a catastrophic policy if you are below the age of 30 or qualify under hardship exemptions. You will not be eligible for premium tax credits with these plans. Instead, shop around for plans at a higher tier. This will help you get more 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 pay 100% of covered health care expenses after you have reached your deductible. This plan is perfect for people who have only a small number of medical expenses per year or can't afford higher-cost plans.
Catastrophic plans have the highest annual deductibles
Catastrophic policies have very low monthly premiums, but high annual deductibles. They are the most affordable type of health insurance for those who want to be covered in the worst case. Bronze plans may offer better value than Silver plans, as they do not include premium tax credits.
Catastrophic policies pay 90% of the cost for care
The catastrophic medical insurance plan is best for those with low incomes or who have low monthly premiums. The policy pays a substantial amount for emergency medical treatment, but only covers a portion of the person's healthcare 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 large annual health expenses, a Platinum plan might be right. You'll have a $500 deductible to pay before the plan kicks in and then you'll pay just $20 per office visit. This could mean that you may have several thousand dollars in out-of-pocket expenses. This is a large amount of money, but it only covers 10% of the care you receive. If you're considering purchasing a platinum plan, here are some things to consider:
Silver plans pay 80% of care costs
Silver plans cover 80% of the costs of 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 actuarial value of the plan. 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 for people with incomes below 250% of the federal poverty line.
Bronze plans cover 80% of the care costs
The most affordable option, the Bronze plan pays 80% of the cost for a person's healthcare. They are available in all 50 states, and the benefits vary depending on where one lives. Some plans have more benefits than others. These plans are attractive because they offer both cost-effectiveness, and comprehensive coverage. Most bronze plans will make it clear whether certain services are covered under a copay before the maximum deductible.