For calendar year 2024, according to the latest approved rates data from the NY Department of Health, the average cost for a Bronze-level health plan in New York is $800 per month with a $4600 deductible. This represents a monthly premium 13.4% increase from 2023.
Currently, there are 12 major carriers participating in the individual exchange in New York with a total of 237,314 members as of 2023. Fidelis, Healthfirst, Excellus, and MVP are the top 4 largest carriers.
| Carriers | Members |
|---|---|
| Fidelis (New York Quality Healthcare Corporation) | 79,767 |
| Healthfirst PHSP, Inc. | 30,726 |
| Excellus Health Plan, Inc. | 25,677 |
| MVP Health Plan, Inc. | 22,050 |
| Anthem HP, LLC (Formerly Empire HealthPlus) | 18,929 |
| Oscar Insurance Corporation | 12,868 |
| MetroPlus Health Plan | 11,598 |
| Independent Health Benefits Corporation | 10,603 |
| Health Insurance Plan of Greater New York | 7,147 |
| Highmark Western and Northeastern New York Inc. | 6,612 |
| UnitedHealthcare of New York, Inc. | 6,127 |
| Capital District Physicians Health Plan Inc | 5,210 |
NY 2024 Individual Health Insurance Monthly Premiums
In 2024, health insurance premiums in New York across all categories experienced an increase from their 2023 rates. The catastrophic plans saw the most increase, with monthly premiums jumping by 16.3% from $359.1 in 2023 to $417.8 in 2024. However, even with this increase, catastrophic plans still offered the cheapest premium option, with the lowest cost being $268.
Other plan categories also experienced significant increases in their premiums. Bronze plans increased their premiums by 13.4% to $800.4, with a range of $619 to $1,312. Silver plans saw a 13.1% increase, bringing the average monthly premium to $1,068.6. Further, Gold plans increased by 13.3% bringing the average monthly premium to $1,259.5, while Platinum plans, most expensive of all categories, increased by 13.9% situating the average monthly premium at a hefty $1,543.8.
In total, for all 72 plans across all categories, the average monthly premium rose by 13.5% from $953.1 in 2023 to $1,082.2 in 2024.
| Individual plan tier | 2023 Monthly Premium | 2024 Monthly Premium | Increase | Lowest | Highest | Count of Plans |
|---|---|---|---|---|---|---|
| Catastrophic | $359 | $418 | 16.3% | $268 | $693 | 6 |
| Bronze | $706 | $800 | 13.4% | $619 | $1,312 | 18 |
| Silver | $945 | $1,069 | 13.1% | $805 | $1,704 | 18 |
| Gold | $1,112 | $1,260 | 13.3% | $984 | $2,053 | 16 |
| Platinum | $1,355 | $1,544 | 13.9% | $1,173 | $2,487 | 14 |
| Grand Total | $953 | $1,082 | 13.5% | $268 | $2,487 | 72 |
What Are The Differences Between Bronze Plans vs. Others?
Health insurance plans in the marketplace are primarily divided into four categories: Bronze, Silver, Gold, and Platinum. There's also a category called "Catastrophic" plans.
- Catastrophic: designed to protect you from worst-case scenarios, like serious accidents or illnesses. According to the Affordable Care Act, Catastrophic plans are only available to individuals under 30 and to some low-income individuals who are exempt from other ACA requirements.
- Bronze: designed to have the policyholder pay 40% of health care expenses, while the insurance company pays 60%. These plans are a good choice if you want a low-cost way to protect yourself from worst-case scenarios, like serious sickness or injury.
- Silver: designed to cover 70% of healthcare costs, with the policyholder responsible for the remaining 30%. If you qualify for "extra savings" or cost-sharing reductions, your Silver plan will offer additional savings by lowering out-of-pocket costs like deductibles and copayments, making them a popular choice for many.
- Gold: designed to pay 80% of healthcare costs, with the policyholder responsible for the remaining 20%. This can be a good choice if you're willing to pay more each month to have more costs covered when you get medical treatment.
- Platinum: designed to pay 90% of healthcare costs, with the policyholder responsible for the remaining 10%. If you usually use a lot of care and are willing to pay a high monthly premium, knowing nearly all other costs will be covered, a Platinum plan could be a good option for you.
What Are Alternatives If I Can't Afford Health Insurance?
As of 2023-2024, you are no longer fined in NY for not having health insurance. There are several options available such as Medicaid, Health Share, and others to help if you cannot afford insurance on the exchange. Read more here: https://www.talktomira.com/post/5-best-alternatives-to-health-insurance
How Much Are Deductibles in 2024?
Below is the updated 2024 deductible each each metal tier level in NY.
| Individual plan tier | Deductible | Total annual premiums |
|---|---|---|
| Catastrophic | $9,450 | $5,013 |
| Bronze | $4,600 | $9,605 |
| Silver | $2,100 | $12,824 |
| Gold | $600 | $15,114 |
| Platinum | $0 | $18,526 |
A deductible is the amount you pay for healthcare services each year before your health insurance begins to pay. For instance, if your plan has a $1,000 deductible, you will pay the first $1,000 of the covered services yourself. After you meet your deductible, you usually pay only a copayment or coinsurance for covered services. Your insurance company pays the rest.
Let's illustrate this with an example. Suppose you have a Bronze plan that has a deductible of $5,000 and an out-of-pocket maximum of $7,000. If you undergo a surgery costing $20,000, you will pay the first $5,000 (deductible), and then a percentage of the remaining $15,000 (coinsurance) until your total out-of-pocket cost reaches $7,000. After that, your insurance will cover the rest of the healthcare costs in that calendar year.
Bear in mind, not all healthcare services count towards your deductible. Preventive services are often covered before you reach your deductible. Also, some plans have separate deductibles for certain types of care or for prescriptions. It is always best to check with your specific plan for exact details.
2024 Catastrophic Plan Options
| Plan Name | 2024 Monthly Premiums |
|---|---|
| Secure Catastrophic | $268 |
| Ambetter from Fidelis Care Catastrophic | $276 |
| Anthem Gatekeeper X | $306 |
| Healthfirst Green Leaf | $384 |
| EmblemHealth Millennium | $581 |
| UHC Compass Catastrophic ST INN Pediatric Dental | $693 |
2024 Bronze Plan Options
| Plan Name | 2024 Monthly Premiums |
|---|---|
| Healthfirst Bronze Leaf | $625 |
| BronzePlus-B1 | $628 |
| Ambetter from Fidelis Care Bronze | $653 |
| Ambetter from Fidelis Care Bronze HSA | $653 |
| Anthem Gatekeeper X | $719 |
| Bronze Classic | $739 |
| EmblemHealth Millennium | $917 |
| UHC Compass HSA Bronze NS INN Pediatric Dental Dep 25 | $969 |
| UHC Compass Bronze ST 3PCP INN Pediatric Dental Dep 25 | $1,049 |
| UHC Compass HSA Bronze NS INN Pediatric Dental Dep 29 | $1,212 |
| UHC Compass Bronze ST 3PCP INN Pediatric Dental Dep 29 | $1,312 |
2024 Silver Plan Options
| Plan Name | 2024 Monthly Premiums |
|---|---|
| SilverPlus-S1 | $817 |
| Healthfirst Silver Leaf | $835 |
| Ambetter from Fidelis Care Silver | $848 |
| Anthem Gatekeeper X | $971 |
| Silver Classic | $976 |
| Silver Simple PCP Saver | $977 |
| EmblemHealth Millennium | $1,204 |
| UHC Compass Silver NS INN Pediatric Dental Dep 25 | $1,295 |
| UHC Compass Silver ST INN Pediatric Dental Dep 25 | $1,362 |
| UHC Compass Silver NS INN Pediatric Dental Dep 29 | $1,620 |
| UHC Compass Silver ST INN Pediatric Dental Dep 29 | $1,704 |
2024 Gold Plan Options
| Plan Name | 2024 Monthly Premiums |
|---|---|
| GoldPlus-G1 | $999 |
| Healthfirst Gold Leaf | $1,009 |
| Ambetter from Fidelis Care Gold | $1,098 |
| Gold Simple | $1,200 |
| Anthem Gatekeeper X | $1,214 |
| Gold Classic | $1,261 |
| EmblemHealth Millennium | $1,449 |
| UHC Compass Gold ST INN Pediatric Dental Dep 25 | $1,641 |
| UHC Compass Gold ST INN Pediatric Dental Dep 29 | $2,053 |
2024 Platinum Plan Options
| Plan Name | 2024 Monthly Premiums |
|---|---|
| PlatinumPlus-P1 | $1,191 |
| Healthfirst Platinum Leaf | $1,270 |
| Ambetter from Fidelis Care Platinum | $1,339 |
| Anthem Gatekeeper X | $1,476 |
| Platinum Classic | $1,539 |
| EmblemHealth Millennium | $1,753 |
| UHC Compass Platinum ST INN Pediatric Dental Dep 25 | $1,988 |
| UHC Compass Platinum ST INN Pediatric Dental Dep 29 | $2,487 |