New Yorkers can purchase affordable health insurance through the state insurance marketplace or, if their income is below 138% of the federal poverty level, they can qualify for Medicaid.
To help you find the best coverage, we looked at available silver health insurance policies statewide and found that fidelis care, silver, dep 25 is the cheapest silver plan available in the state. 68% of counties, where the plan costs an average of $560 per month. However, there are many insurers that offer health plans in New York, and where you live will determine the policies and costs available.
cheapest health insurance by metal level
To help you compare prices and choose the best policy, we’ve identified the most affordable health insurance plans available in New York State.
independent health is the cheapest provider of bronze, silver and platinum policies. fidelis care offers the cheapest gold plan.
Health insurance is offered at five different levels in New York: catastrophic, bronze, silver, gold, and platinum. however, our analysis excludes catastrophic plans due to their limited availability.
as you can see above, when the level increases, the monthly premium becomes more expensive. A silver plan in New York will cost $188 more per month than a bronze plan, and a gold plan will cost $148 more than a silver plan.
Similarly, as the monthly cost per tier increases, so do the benefits. On average, a silver plan will have a lower deductible of $2,760 than a bronze plan, but the two tiers have about the same average out-of-pocket maximum. when comparing the silver and gold levels, the benefits continue to improve. A gold plan has, on average, a lower deductible of $1,305 than a silver plan and a lower out-of-pocket maximum of $2,093, providing a much better cap on health care costs.
In addition to costs changing based on a plan’s benefits, the price will vary based on the number of people covered. When you add an adult or dependents to a policy, the monthly premium increases. The plans below may not be available in your county, but they can help you compare costs at that level.
find the best health insurance coverage in new york
The best health insurance policy for your family will depend on the availability of plans in your area, as well as your medical and financial situation. When deciding on the right plan type, you should determine affordability by reviewing the premiums and deductibles for each metal tier. In general, if you have an emergency savings account and don’t expect to have significant health or medical expenses, then a lower metal tier plan with more affordable premiums would make more financial sense.
gold and platinum plans: better if you expect high medical costs
gold and platinum plans are the highest level health insurance policies available in new york. these plans often have the highest monthly premiums but come with lower deductibles and out-of-pocket maximums.
For example, if you frequently use expensive prescription drugs, a higher-tier health plan might be the right choice.
silver plans: best for people with low income or average medical costs
Silver plans are intermediate policies that fall between the gold and bronze plans with respect to premiums and out-of-pocket costs. we would recommend a silver plan in most situations, but if you are in very good health, bronze may be better in terms of profitability.
silver plans are eligible for cost-sharing reduction (csr) subsidies in new york if your income falls below 250% of the federal poverty level. If this applies to you, you may receive discounts on deductibles, coinsurance, and copays.
bronze and catastrophic plans: the best for young and healthy people
The bronze and catastrophic levels have the lowest premiums available in the new york market, but also the highest deductibles and cost-sharing. These plans should only be considered if you are in good health and do not expect high medical costs.
Our 2022 cost analysis did not include catastrophic policies because they are only available in certain situations. To enroll in a catastrophic plan, you must be under age 30 or qualify for a hardship exemption.
new york individual health insurance plans overview
You can buy health insurance in New York through the New York State Health Marketplace. new york is one of the most regulated states for health insurance in the united states. While the federal Affordable Care Act limits how insurers can price their policies, New York’s regulations are even more restrictive.
For both individual and small business plans, all consumers living in a specific location pay the same price for health insurance. This means that younger New York residents pay more for health coverage than other states, while older residents pay less than other states.
if you buy a health plan before December. 15, then your coverage will be effective January 1. 1. The New York Exchange Portal can also connect you with a broker who can provide guidance and help you enroll in a health plan.
changes in health insurance rates in new york
Health insurance rates are determined by each insurer and submitted for approval to the New York State Stock Exchange. by 2022, the biggest cost increase was for platinum plans, which were up almost 3% in price. that’s $29 per month more than the previous year.
short term medical insurance in new york
Short-term health insurance plans are prohibited in New York because all health plans must be renewable and cover minimum essential benefits.
Most short-term plans typically do not cover essential benefits such as maternity care, mental health, or prescription drugs, and therefore short-term health insurance is not offered in New York.
allowing dependent coverage up to age 29
Under the Affordable Care Act, young adults can be covered by their parents’ health insurance plans until age 27. Due to the way insurance is quoted in New York, it is preferable for young adults to stay with their parents. ‘ Plans up to the legal age limit since the additional cost per dependent is cheaper.
For example, let’s say your young adult child is past the age of 27 but doesn’t have a job or sustainable income to pay for their own insurance. In this case, you could pay a small additional premium along with your normal health insurance rate that would allow your coverage to support your son or daughter. To qualify, the young adult must:
the best cheap health insurance companies in new york
There are currently 14 insurers selling individual plans on the New York Health Insurance Marketplace. fidelis care offers the most affordable health insurance rates in new york.
new york health insurance companies
Some of these insurers may not be available depending on where you live. The availability of insurers and health plans changes by county, so your location will directly affect your coverage options.
medicaid health insurance coverage in new york
new york’s medicaid program is a form of health insurance for people with low incomes. qualifying for medicaid is primarily a function of how much you earn and the size of your household. Through the state expansion of Medicaid, most households with a Modified Adjusted Gross Income (MAG) below 138% of the Federal Poverty Level (FPL) are eligible for Medicaid coverage in New York.
Income limits for children and pregnant women are slightly higher than for adults. Children up to age 19 are eligible for a special type of Medicaid if household income is less than 154% of FPL, while pregnant women and infants up to age 1 are eligible if household earns less than 223% of FPL. fpl. fpl.
The following table illustrates the maximum annual income a family can have to qualify for Medicaid thresholds in New York.
how does medicaid coverage work in new york?
if you apply for medicaid in new york, you will be asked to select a health plan managed by an insurance company, such as unitedhealthcare or empire bluecross blueshield. These insurance companies also sell individual health insurance policies and small business coverage, and the plans themselves work in a similar way.
However, health plans offered as part of the Medicaid program may have a different network of doctors compared to other plans offered by the same insurance company. If you have a doctor you prefer, it’s important to make sure it’s covered in the new network.
average cost of health insurance in new york by family size
Along with your county of residence, the number of people covered by the health plan will affect how much you pay for health insurance. Please note that for family coverage, the average cost of a plan depends on the number of adults and is not affected by the number of dependents covered by the health insurance plan.
As you can see below, a couple with one or more children will pay an average of $1,926 per month for a silver plan. this is $499 more than the couple would pay to cover themselves.
children’s health plus coverage for children
in new york, child health plus is a health insurance program for children in households whose income is too high to qualify for medicaid but below 400% of the federal poverty level. Like Medicaid plans, Child Health Plus plans are administered by the same insurance companies in the individual and small business markets.
For families with multiple children, the maximum contribution is three times the premium per child. For example, if you fall into the $9 per child threshold group, then the most you would pay for all of your children would be $27, even if you purchase coverage for more than three children.
maximum monthly income per number of children to be eligible for child health plus
summary of the best cheap health insurance in new york
frequently asked questions
valuepenguin collected rates from the new york state health insurance exchange. We gathered rates and plan details from every county in the state, then averaged the rates and ranked them by metal tier, age, and family size. this allowed us to compare rates and find the cheapest providers in new york. rates for chenango county were not included in our analysis.