If you live in New York, you have access to a state-run health exchange, known as the New York State of Health. The agency released an annual report illustrating the state’s enrollment breakdown for Affordable Care Act (ACA)-approved plans. As of Feb. 28, 2015, more than 2.1 million New Yorkers had enrolled in a Marketplace plan, compared to 2014’s 960,762 enrollees.
In total, there are currently 16 different carriers that provide individual exchange plans. But for millions of lower-income New Yorkers, a new program, known as the Essential Plan, may dramatically transform the healthcare experience.
The Essential Plan is a Basic Health Plan (BHP), a state-run and generally federally funded plan for lower-income families and individuals. Typically, these are people with incomes from 139 percent to 200 percent of federal poverty level (FPL). But this plan has no deductible and no premium, as long as enrollees’ incomes are no more than 150 percent of the FPL.
While all states can implement the BHP option, as of yet, only New York and Minnesota have received the necessary federal funding. Essential Plan enrollment will begin on Nov. 1, 2015, the first day of the regular Open Enrollment Period (OEP). Enrollment in the Essential Plan, as well as all other policies, will run through Jan. 31, 2016.
And for those beneficiaries who don’t want to enroll in the Essential Plan, New York offers other healthcare subsidies, as well. Currently, enrollees with incomes between 138 percent and 200 percent of poverty are eligible for premium subsidies and cost-sharing subsidies, but switching to a BHP during the upcoming open enrollment may result in lower premiums and lower cost-sharing.
When considering their 2016 healthcare plans, New York residents should take the time to explore the New York State of Health website. Here, you can receive direct quotes from providers and compare pricing and benefit information, as you make an informed decision.
You can use the links below to get quotes direct from insurance providers.