How Much Is Family Health Insurance in New York?
In 2024, according to NY Health Exchange, the average monthly health insurance premium for a Family (2 parents + 1 child) is $2237 a month at the Bronze level, representing a 17.9% increase from 2023. This increase is a record in a decade.
How Much is Family Health Insurance Per Month in New York?
In a snapshot view of the health insurance landscape in New York for 2024, there have been notable changes across different tiers of family plans. The average monthly premium for family plans is expected to increase by 16.7%, rising from $2,588 in 2023 to $3,020 in 2024.
The least significant increase was observed in the Catastrophic-tier plan, which only elevated by 16.3% from $1,024 in 2023 to $1,191 in 2024. Conversely, the Gold-tier plan has seen the most drastic surge in cost, with an increase of 38.2% from $2,445 to $3,378.
Interestingly, the Silver-tier plan is the only category to have witnessed a decrease in cost, dropping by 4.1% from $2,976 in 2023 to $2,854 in 2024.
The premiums' range for 2024, spanning different insurance tiers, is anticipated to be from $763 at the lowest end to a high of $7,088. This data offers a comprehensive perspective on the shifting costs of family health insurance plans in New York for the year 2024, indicating that families must strategically plan based on these forecasts.
| Family Plans | 2023 Monthly Premium | 2024 Monthly Premium | Increase | Lowest | Highest |
|---|---|---|---|---|---|
| Catastrophic | $1,024 | $1,191 | 16.3% | $763 | $1,974 |
| Bronze | $1,898 | $2,237 | 17.9% | $1,764 | $3,738 |
| Silver | $2,976 | $2,854 | -4.1% | $2,197 | $4,855 |
| Gold | $2,445 | $3,378 | 38.2% | $2,788 | $5,850 |
| Platinum | $3,708 | $4,221 | 13.9% | $3,344 | $7,088 |
| Grand Total | $2,588 | $3,020 | 16.7% | $763 | $7,088 |
Can I Get The Catastrophic Plan Since It's The Cheapest?
the requirements for a Catastrophic plan varies by state, but generally, the family members must be under 30 OR some people 30 and older may buy a Catastrophic health plan if they have a hardship or affordability exemption based on a Marketplace or job-based insurance affordability determination.
It's vital to note that Catastrophic plans cover three primary care visits per year before the deductible is met. Also, prevention services are covered free of charge. After the deductible is met, it pays for all healthcare services, but the family has to pay all their medical costs up to a certain amount in a year.
What if I am under 30 and my partner is over 30?
If a family consists of one member who is over 30 and another who is under 30, the person under 30 may be eligible for a Catastrophic plan. However, the individual who is over 30 would need a hardship or affordability exemption based on a Marketplace or job-based insurance affordability determination to be eligible for a Catastrophic Plan.
This means that the family may need to apply for separate policies. The member who is over 30 might explore other plan options in the Marketplace that could better suit their requirements.
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Khang T. Vuong received his Master of Healthcare Administration from the Milken Institute School of Public Health at the George Washington University. He was named Forbes Healthcare 2021 30 under 30. Vuong spoke at Stanford Medicine X, HIMSS conference, and served as a Fellow at the Bon Secours Health System.