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New York State of Health

 

If you’re looking for New York State of Health exchange plans, then you’ve come to the right place. At ForHealthInsurance.com we understand that buying New York health insurance is more complicated than it should be, and we’re here to help.

On this page as part of our Affordable Care Act information center, you’ll find everything you need to know about New York’s health insurance exchange. Read on to learn about what plans are available, if you qualify for a tax credit, and some steps you can take to save some money on your monthly premiums.

How much will a New York State of Health plan cost me?

On average individual health insurance plans sold through a New York State of Health are cheaper than those plans available before the ACA took effect. Of course how much you’ll ultimately pay for New York health insurance depends on a variety of factors, like your income, location, and marital status.

Getting ready to shop for New York health insurance

Before shopping for New York health insurance it’s a good idea to pin down exactly what your health needs are. Some questions you might want to ask yourself are: “How often do I plan on going to see the doctor?”, “Will anyone else be covered under this health insurance plan?”, “Do I or any of my dependents have a medical condition that requires specialty coverage?”. Knowing your health needs will keep you from overpaying for a comprehensive policy at a New York State of Health which is unnecessary or selecting one that doesn’t cover what you need and forces you to pay out of pocket for it.

What plans can I buy?

Plans sold at a New York State of Health are broken up into four different tiers of coverage: Bronze, Silver, Gold, and Platinum. Each has it’s own level of cost sharing. For example Bronze level plans have low monthly premiums, but come with high deductibles and co-pays. Whereas with the other tiers you’ll pay more in premiums each month for lower out of pocket expenses.

Monthly premiums for a Bronze plan cover 60 percent of your total healthcare costs while the other 40 percent is paid out of pocket. Premiums for the Silver plan pay for 70 percent of healthcare costs, while they pay 80 percent at the Gold level and 90 at the Platinum level. The more expensive your monthly premiums are, the less you’ll pay out of pocket when you go see the doctor.

Do I qualify for a tax credit?

An attraction for buying New York health insurance through a New York State of Health is the availability of federal health insurance subsidies for those with incomes between 133 and 400 percent of the Federal Poverty Line (FPL). If you’re in that category, you won’t pay more than 9.5 percent of your income towards New York health insurance if you choose a Silver tier plan. That 9.5 percent is also a sliding number, meaning that if you earn less, you pay less.

Your tax credit is calculated based off of the price difference between your maximum allowable contribution and the actual cost of the second least expensive Silver plan in your area. That number is your tax credit which can then be applied towards a plan at any tier. It’s important to note that your credit amount will remain the same no matter which plan tier you choose.

How do I buy a New York State of Health plan?

To buy New York health insurance plan at a New York State of Health give us a call here to speak with one of our health insurance experts or enter your zip code above to see what plans are available in your area.