New York offers many options for health insurance. However it's important you choose the right plan. Catastrophic insurance is a good option if you have low monthly premiums and are willing to pay higher annual deductibles. These plans cover 90% of the costs of medical care.
Catastrophic planning
Catastrophic insurance policies are not suitable for people with high-cost medical bills. These plans come with lower premiums and higher out-of-pocket expenses. A catastrophic plan is available to those who are younger than thirty and qualify for hardship exemptions. These plans will not allow you to receive premium tax credits. Instead, shop around for plans at a higher tier. This will help you get more for your money.
Catastrophic plans have the lowest monthly premiums
You might consider a catastrophic policy if your goal is to have the lowest monthly health insurance premiums in New York. These plans cover 100% for covered health care expenses, once you have reached your maximum deductible. 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 policies have very low monthly premiums, but high annual deductibles. These policies may be the most affordable form of insurance for people who want to provide coverage in the worst-case scenario. Bronze plans do not provide premium tax credits so they may not be the best value.
Catastrophic policies pay 90% of the cost for care
People with low incomes and low monthly premiums will find a catastrophic medical plan very useful. 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
A platinum plan may be the right choice for you if you have high annual health care expenses. You will need to pay a $500 deductible before your plan kicks off. After that, the plan will only cost $20 per office visit. This means your out-of–pocket costs can be several thousand. This is a large amount of money, but it only covers 10% of the care you receive. Here are some points to remember when you think of purchasing a platinum plan.
Silver plans pay 80% off the care cost
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 qualify for the individual market these plans must meet specific criteria. These requirements include meeting the actuarial value of the plan. 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 for people with incomes below 250% of the federal poverty line.
Bronze plans cover 80% for care
Bronze plans cover 80% of the cost and are the most affordable. They are available in most states and vary depending on where a person lives. Some plans have more benefits than others. These plans can be a good choice for those who are looking for cost-effectiveness as well as overall coverage. Most Bronze plans will indicate if certain services are covered before the deductible.