Best Obamacare Plans in NYC

Obamacare, also known as the Affordable Care Act (ACA), is a piece of legislation designed to protect consumers from the rising costs of healthcare. It is important to understand the types of plans available to determine which is most suitable for your needs. Bronze and silver plans are best for young and healthy, low-income individuals while gold and platinum plans are typically best for those requiring frequent medical care.

NYC has some of the highest average premiums in the country. Mira provides a more affordable, alternative care membership program with same-day enrollment. For as low as $25 per month, individuals, families, or employers can have access to virtual and urgent care, lab testing, and up to 80 percent off prescriptions. Keep your health in check and sign up today!

Best Obamacare Health Insurance Plans in NYC 

All plans listed on the Healthcare Marketplace are ACA-qualified. This means that all of the plans you can view on the website are all available under the ACA. The ACA, also known as Obamacare, was signed into law in March of 2010 by President Barack Obama. Obamacare works with private insurance companies to provide essential coverage for more affordable costs and requires participating companies to sort their plans into 4 primary categories. 

• Bronze: Best for Young and Healthy People
• Silver: Best for Individuals with Low-Income
• Gold: Best for Comprehensive Coverage
• Platinum: Best for Frequent Medical Needs

Bronze and Silver plans are best for low-income individuals who are young and healthy. Gold and platinum plans are best and most cost-effective for people who need frequent medical care. 

Minimum Essential Coverage

The ACA requires that all health insurance plans include 10 essential health benefits. These 10 services must be covered in every state, but the extent of coverage may vary from state to state. These benefits are as follows:

1. Ambulatory patient services
2. Emergency services
3. Hospitalization
4. Pregnancy, maternity, and newborn care
5. Mental health and substance use disorder services
6. Prescription drugs
7. Rehabilitative and habilitative services and devices
8. Laboratory services
9. Preventive and wellness services and chronic disease management
10. Pediatric services

Metal Tier Plans

Obamacare categorizes plans into 4 metal levels: Bronze, Silver, Gold, Platinum. Each level varies in terms of premium and deductible cost but the quality of care remains the same throughout each level. These metal tiers determine the cost-sharing between you and your insurance provider. 

Here is a brief overview of each of the 4 metal levels: 

In NY, prices may vary depending on which type of plan and which insurance company you choose, but in 2021 the average price for each metal tier plan was as follows: 

• Bronze: $430
• Silver: $588
• Gold: $597
• Platinum: $709

Bronze: Best for Young and Healthy People

A bronze plan will cover 60 percent of medical expenses and the patient is responsible for the remaining 40 percent. Out of the 4 metal tiers, Bronze plans offer the lowest monthly premium. However, when it is time to receive care, these plans require the highest out-of-pocket costs. These out-of-pocket, not covered costs are also known as deductibles and can be over thousands of dollars per year. 

As such, a Bronze plan would be the most fitting for you if you are in good health but have limited income. If you believe that you will not be in need of frequent medical attention, this plan can be a very cost-effective way to protect you from worst-case scenarios. 

Silver: Best for Individuals with Low-Income

A silver plan can also be a good option for healthy, low-income individuals. Although your monthly premium might be slightly higher than the Bronze plan, your deductibles/out-of-pocket costs will be slightly lower. 

Especially if your income is anywhere between 100 percent and 250 percent of the federal poverty line, the Silver plan might allow you to qualify for extra savings. For instance, you might qualify for Cost-Sharing Reductions (CSR). CSRs are a government-provided discount to help reduce out-of-pocket costs for low-moderate income families and individuals. CSRs will help to decrease your deductible, co-pay, or co-insurance fees. 

Even if you do not qualify for these savings, the Silver plan might be a good choice for you if you are willing to spend slightly more money on your premium to have more of your routine visits covered.