New Yorkers have many choices when it comes to their health insurance. It's important to select the right plan for you. Catastrophic coverage is best if your monthly premiums don't exceed $70 and you aren't afraid to pay higher annual deducts. These plans will cover 90% of the cost of medical care.
Plans for catastrophic events
Catastrophic policies for health insurance do not suit people who have high medical bills. These plans are low in premiums, but have higher out-of pocket costs. A catastrophic plan can be chosen if you're younger than 30 and you qualify for hardship exclusions. You won't receive premium tax credit for these plans. Instead, look for plans in a tier higher than your current metal tier. This will allow you to get more for your dollar.
Catastrophic policies have 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 plan is great for those with a limited budget or who cannot afford the more expensive plans.
Catastrophic plans have highest annual deductibles
Catastrophic plans have high annual deductibles and very low monthly premiums. For people who are looking to cover the worst possible scenario, they may be the best and most affordable option for health insurance. Bronze plans do not provide premium tax credits so they may not be the best value.
Catastrophic plans pay 90% of the cost of care
A catastrophic medical insurance plan is ideal for people with low incomes or low-cost monthly premiums. It covers an inordinate amount of medical expenses but provides a great deal of coverage for emergency medical 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
A platinum plan is a good option if you have significant annual health costs. 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 that your total out of pocket expenses could reach several thousand. It's quite expensive, but only 10% of the actual cost of your care is being paid. Here are some points to remember when you think of purchasing a platinum plan.
Silver plans pay 80% of care costs
Silver plans cover 80% of the costs of covered services. These plans may be offered by either individual health insurance providers or state-based marketplaces. To be eligible for the individual market, these plans must meet certain requirements. These include the requirement to meet the plan's estimated actuarial worth. The standard silver plan has a deductible of $7,150 per year, a 30% coinsurance after the deductible, and a copayment of $70 for physician visits. This plan is for people with incomes below 250% of the federal poverty line.
Bronze plans cover 80% for care
The most affordable option, the Bronze plan pays 80% of the cost for a person's healthcare. They are offered in most states. The benefits can vary depending on the location. Some plans provide expanded benefits while others offer no such benefit. These plans are attractive because they offer both cost-effectiveness, and comprehensive coverage. Most Bronze plans will indicate if certain services are covered before the deductible.