What is the cheapest health insurance in NY?
Independent Health and Fidelis Care offer the most affordable health insurance rates in New York for a Silver plan. If plan quality is more important to you than low rates, consider CDPHP, Highmark BCBS and Independent Health. All three companies have a perfect five-star rating from HealthCare.gov.
| Individual plan tier | 2023 Monthly Premium | 2024 Monthly Premium |
|---|---|---|
| Bronze | $706 | $800 |
| Silver | $945 | $1,069 |
| Gold | $1,112 | $1,260 |
| Platinum | $1,355 | $1,544 |
Independent Health and Fidelis Care offer the most affordable health insurance rates in New York for a Silver plan. If plan quality is more important to you than low rates, consider CDPHP, Highmark BCBS and Independent Health. All three companies have a perfect five-star rating from HealthCare.gov.
Who is eligible? Anyone can purchase private health insurance. You can get financial help, depending on your income. Most people under age 65 apply through the NY State of Health Marketplace.
Medicaid is the cheapest health insurance for those with low incomes.
For some, especially those with employer-sponsored coverage or receiving subsidies under the ACA, $200 might seem high. For others, especially those in the private market without subsidies, $200 might be considered affordable.
2023 Medicaid Income Limits in New York
The income limit for a single person to qualify for Medicaid in NY in 2023 is $16,038 a year or $1,337 a month. For a family of two (couple), the annual income limit is $21,692 or $1,808 a month.
Meet income eligibility requirements. (Examples: single adults earning up to $30,120; adults in family of four earning up to $62,400) Are U.S. citizens or meet immigration status requirements.
Cost of employer-sponsored health insurance in NYS
New York's premiums are partly driven by the state's generally high cost of living, but government policy also plays a role.
The best car insurance companies in New York are State Farm, Geico, Travelers, Progressive and Allstate. Each was rated well in our 2022 car insurance survey, and they all have high financial strength scores from AM Best.
Is there a penalty in NY for not having health insurance?
The individual mandate penalty will not be in effect in 2019. Starting in 2019 there will no longer be a financial penalty for not having health insurance. However, there are still numerous financial and health related reasons to consider signing up for a low-cost-health insurance plan.
Apply for Medicaid
Individuals between age 19 and 64 who are not eligible for Medicare should visit the New York State of Health marketplace at nystateofhealth.ny.gov or call 1-855-355-5777. Individuals who are age 65 or older should apply through their local social services office.
The Affordable Care Act (ACA) requires almost every individual and each of his or her dependents to have health insurance coverage. If they do not have health insurance, they must claim an exemption or pay a tax penalty on his or her federal income taxes the following year.
Typically ACA insurance is more affordable than COBRA insurance because you can be eligible for federal ACA subsidies, depending on your income.
- HMO. One of the most common health insurance options is a health maintenance organization or HMO. ...
- PPO. Another common type of health plan is preferred provider organizations or PPOs. ...
- EPO. ...
- POS.
| Health insurance plan member | Average monthly cost for an HMO plan | Average monthly cost for a PPO plan |
|---|---|---|
| Adult individual age 30 | $390 | $458 |
| Adult individual age 40 | $438 | $516 |
| Adult individual age 50 | $613 | $721 |
| Adult individual age 60 | $930 | $1,095 |
Average annual health insurance premiums in 2023 are $8,435 for single coverage and $23,968 for family coverage. These average premiums each increased 7% in 2023. The average family premium has increased 22% since 2018 and 47% since 2013.
A good rule of thumb for how much you spend on health insurance is 10% of your annual income. However, there are many factors to consider when deciding how much to spend on health insurance, including your income, age, health status, and eligibility restrictions.
In 2024, a job-based health plan is considered "affordable" if your share of the monthly premium in the lowest-cost plan offered by the employer is less than 8.39% of your household income. The lowest-cost plan must also meet the minimum value standard.
| Household size | Min. income | Typical max. income |
|---|---|---|
| 1 person | $14,580 | $58,320 |
| 2 | $19,720 | $78,880 |
| 3 | $24,860 | $99,440 |
| 4 | $30,000 | $120,000 |
Can you get free healthcare in New York?
NYC Care is a health care access program that guarantees low-cost and no-cost services offered by NYC Health + Hospitals to New Yorkers who do not qualify for or cannot afford health insurance based on federal guidelines.
The NY State of Health is mainly for: People who don't have insurance through a job or Medicare. New Yorkers under 65. New York Small Businesses with 100 or fewer employees.
| Family size | 2022 income numbers | 2023 income numbers |
|---|---|---|
| For individuals | $13,590 | $14,580 |
| For a family of 2 | $18,310 | $19,720 |
| For a family of 3 | $23,030 | $24,860 |
| For a family of 4 | $27,750 | $30,000 |
ObamaCare Cost Assistance
For 2023, that is $13,590-$54,360 for an individual and $27,750- $111,000 for a family of four. The types of assistance offered under the Affordable Care Act are: Premium Tax Credits. Cost-Sharing Reduction Subsidies (Silver Plans only)
The Situation Report | January 17, 2023
The 2023 poverty levels have been posted. The new annual levels are: 1 – $14,580. 2 – $19,720.
