Health Insurance Plans in New York
Nineteen health insurance companies in New York offer policies on the state exchange, and the state also offers Medicaid to low-income households. To qualify for Medicaid, your income has to be less than 138 percent of the federal poverty level. If you do not qualify for Medicaid, you may be looking for cheap health insurance in New York. Many New Yorkers choose Silver plans, and the Fidelis Care Silver Dep 25 is the most affordable plan in that tier. Before buying a plan, though, you need to compare the cheapest plans across the metal tiers and learn more about the type of coverage you need.
Cheap Health Insurance Plans in New York by Metal Tier
New York’s health insurance industry is heavily regulated. Insurers cannot use personal information, such as age or smoking habits, to calculate premiums. Your county of residence is the only factor that determines how much you’ll pay for one of the health insurance plans in New York.
Healthcare plans are categorized by metal tier. Catastrophic health insurance sits at the bottom with Oscar Simple Secure Dep 25 being the cheapest plan. The monthly premium is $162, and the deductible and out-of-pocket maximum are $7,900.
The Bronze tier is next. Fidelis Care Bronze Dep 25 has a monthly premium of $396, making it the cheapest of the Bronze plans. The deductible is $4,000, and the out-of-pocket maximum is $7,600.
Fidelis Care Silver Dep 25 is the cheapest of the Silver health insurance plans in New York. The monthly premium is $562, the deductible is $1,700, and the out-of-pocket maximum is $7,500.
If you want a Gold plan, Fidelis Care Gold Dep 25 is the most affordable. It has a monthly premium of $671, a deductible of $600, and an out-of-pocket maximum of $4,000.
Platinum plans sit at the top of the metal tier system. Fidelis Care Platinum Dep 25 is the most affordable plan, with a monthly premium of $813. This plan does not have a deductible, and the out-of-pocket maximum is $2,000.
Choosing Health Insurance Plans in New York
Many people look at the premium and pick a policy, but you can end up with insufficient coverage if you do that. While the premium you pay is important, you also need to consider the metal tier. The coverage you get will depend on the tier you select. Learn more about the metal tiers so you can choose the right amount of coverage.
Platinum and Gold Plans — Ideal for High Medical Costs
Gold and Platinum plans sit at the top of the metal tier system, so they have the highest premiums and lowest out-of-pocket costs. The high premiums may be intimidating, but these plans are a good fit if you have high medical costs. It’s easy to quickly meet the low deductible if you have a chronic medical condition or need a lot of prescription medication. Then, the full coverage kicks in and covers a large portion of your healthcare costs. You still have to pay the high premiums, but the low out-of-pocket costs make it worth it. Many people with health conditions report they save money with a Gold or Platinum plan.
Silver Plans — Ideal for Average Medical Costs and/or Low Incomes
Silver plans are considered middle-of-the-road policies. The premiums are lower than Gold and Platinum policies, and the out-of-pocket costs are lower than Bronze and Catastrophic plans; making these plans ideal for people who are of average health. These plans provide affordable preventative care and cover a large portion of other expenses.
These plans are also ideal for families with an income that is less than 250 percent of the federal poverty level. These families are eligible for cost-sharing reduction subsidies that reduce the amount of the coinsurance, co-payment, and deductible. Cost-sharing reduction subsidies are not available for Platinum, Gold, Catastrophic, or Bronze plans.
Catastrophic and Bronze Plans — Ideal for Healthy Young People
If you are young and healthy and want cheap health insurance in New York, a Catastrophic or Bronze plan might be the right choice. The low premiums are attractive to young and healthy people, but the high out-of-pocket costs can be troublesome in the case of a medical emergency. People should only get these plans if they are extremely healthy and do not expect to encounter any significant medical costs. It is a good idea to have the amount of the deductible on hand in case an emergency does occur.
You can get a Bronze plan regardless of your age, but Catastrophic plans are only available for people under 30 or those who can get an exemption due to hardship.
Short-Term Health Insurance in New York
You cannot purchase short-term health insurance in New York. The state has outlawed these plans since they don’t cover essential health benefits and don’t include guaranteed renewals. Instead of picking up a short-term policy, you will need to get a quote for other health insurance plans in New York.
If you are under the age of 30, you might think you need one of these short-term insurance plans to tide you over until you can get insurance from your employer. However, you can stay on your parent’s insurance up to age 29 in the state of New York.
New York health insurance companies that offer the age 29 rider expansion charge slightly more for the coverage. Those who pay the extra amount can keep their children on their policies as long as their children are 29 or younger, are unmarried, live in the carrier’s coverage area, and don’t currently have health insurance from their employer. If the employer offers health insurance, though, the child must choose it instead of staying on the parent’s policy.
Get Help Comparing Health Insurance Plans in New York
With so many health insurance plans in New York, you likely feel overwhelmed and unsure of which plan will best suit your needs. Call 1-855-881-0430 to speak to a licensed insurance agent who will provide you with quotes and additional information to help you make the right choice.
Information on New York Health Insurance Plans
- New York Accident Insurance
- New York Dental Insurance
- New York Health Savings Accounts (HSA)
- New York Individual & Family Health Insurance
- New York Short-Term Medical
- New York Small Business Health Insurance & Group Health Plan
- New York Student Health Insurance