Health Insurance

Best Cheap Health Insurance in New York 2022

Best Cheap Health Insurance in New York 2022

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New Yorkers can purchase affordable health insurance through the state insurance marketplace, or if your income is below 138% of the federal poverty level, you can qualify for Medicaid.

The average cost of health insurance in New York is $713 per month for a Silver plan, which is about 2% more expensive than in 2021.

To help you find the best coverage, we analyzed Silver health insurance policies available across the state and found that the Fidelis Care, Silver, Dep 25 is the cheapest Silver plan available in 68% of the counties, where the plan costs an average of $560 per month. However, there are many insurers offering health plans in New York, and where you live will determine available policies and costs.

Cheapest health insurance by metal tier

To help you to compare prices and choose the best policy, we identified the most affordable health insurance plans available in the state of New York.

Independent Health is the cheapest provider of Bronze, Silver and Platinum policies. Fidelis Care offers the cheapest Gold plan.

Health insurance is offered at five different tier levels in New York: Catastrophic, Bronze, Silver, Gold and Platinum. However, our analysis excludes Catastrophic plans because of their limited availability.

Cheapest health insurance companies in New York

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As you can see above, when the tier level increases, the monthly premium becomes more expensive. A Silver plan in New York will cost $188 more per month than a Bronze plan, and a Gold plan will cost $148 more than a Silver plan.

Similarly, as the monthly cost per tier increases, the benefits also improve. On average, a Silver plan will have a $2,760 lower deductible than a Bronze plan, but the two tiers have nearly the same average out-of-pocket maximum. When comparing Silver and Gold tiers, benefits continue to improve. A Gold plan has, on average, a $1,305 lower deductible than a Silver plan and a $2,093 lower out-of-pocket maximum, providing a much better cap on health care costs.

In addition to costs changing based on a plan's benefits, the price will vary according to the number of people covered. When you add either an adult or dependents to a policy, the monthly premium increases. The plans shown below may not be available in your county but can help you compare costs in that tier.

Metal tier
Cheapest plan
Cost
Deductible
Out-of-Pocket maximum
BronzeIndependent Health thRed Bronze, Dep25$332$8,550$8,550
SilverIndependent Health thRed Silver, Dep25$432$7,000$8,000
GoldFidelis Care, Gold, Dep25$570$1,271$4,769
PlatinumIndependent Health thRed Platinum, Dep25$630$0$5,250

Monthly cost for an adult.

Finding the best health insurance coverage in New York

The best health insurance policy for your family will depend on the availability of plans in your area, as well as your medical and financial situation. When deciding on the right type of plan, you should determine affordability by reviewing the premiums and deductibles for each metal tier. Generally, if you have an emergency savings account and don't expect to have significant health or medical expenses, then a lower metal tier plan with more affordable premiums would make more financial sense.

Gold and Platinum plans: Best if you expect high medical costs

Gold and Platinum plans are the highest tier health insurance policies available in New York. These plans often have the most expensive monthly premiums but come with lower deductibles and out-of-pocket maximums.

For this reason, Gold and Platinum plans can be the most cost-effective for people with higher medical costs, as they would reach the deductible quickly and can then be eligible for the cost-sharing benefits of coinsurance.

For example, if you frequently use expensive prescription drugs, an upper-tier health plan could be the right choice.

Silver plans: Best for people with a low income or average medical costs

Silver plans are middle-ground policies that fall between Gold and Bronze plans with regard to premiums and out-of-pocket expenses. We would recommend a Silver plan in most situations — but if you are very healthy, Bronze may be best in terms of cost-effectiveness.

On the other hand, if you expect a lot of medical expenses, then a Gold plan may better fit your needs.

Silver plans are eligible for cost-sharing reduction (CSR) subsidies in New York if your income falls below 250% of the federal poverty level. If this applies to you, then you can receive discounts on deductibles, coinsurance and copayments.

Bronze and Catastrophic plans: Best for young, healthy individuals

Bronze and Catastrophic tiers have the lowest premiums available on the New York marketplace but also the highest deductibles and cost sharing. These plans should only be considered if you have good health and do not expect to have high medical costs.

Our 2022 cost analysis did not include Catastrophic policies because they are only available in some situations. In order to sign up for a Catastrophic plan, you must be under age 30 or meet the requirements for a hardship exemption.

New York individual health insurance plans overview

You can purchase health insurance in New York through the NY State of Health marketplace. New York is one of the most heavily regulated states for health insurance in the United States. While the federal Affordable Care Act limits how insurers can price their policies, New York's regulations are even more restrictive.

For example, most other states allow insurers to charge older people and smokers a higher health insurance premium. But in New York, insurers are prohibited from using any personal information for calculating premiums, using only where you live as a factor.

For both individual plans and small-business plans, all consumers living in a specific location pay the same price for health insurance. This means younger New York residents pay more for health coverage than they would in other states, while older residents pay less than they would in other states.

Open enrollment in New York begins Nov. 16 and continues through Jan. 31.

If you buy a health plan before Dec. 15, then your coverage will be effective on Jan. 1. New York's exchange portal can also connect you with a broker who can provide guidance and help you enroll in a health plan.

Health insurance rate changes in New York

Health insurance rates are determined by each insurer and are submitted for approval to the New York state exchange. For 2022, the largest cost increase occurred in Platinum plans, which rose in price by nearly 3%. That's $29 per month more than the previous year.

Metal tier
2021
2022
Change
Bronze$514$5252.14%
Silver$701$7131.71%
Gold$842$8612.26%
Platinum$1,064$1,0932.73%

Monthly premiums are for a 40-year-old adult.

Short-term health insurance in New York

Short-term health insurance plans are prohibited in New York because all health plans must be renewable and cover the minimum essential benefits.

Most short-term plans typically do not cover essential benefits such as maternity care, mental health or prescription drugs, and thus, short-term health insurance is not offered in New York.

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Allowing dependent coverage through age 29

Under the Affordable Care Act, young adults can be covered under their parents' health insurance plans up to the age of 27. Because of the way insurance is priced in New York, it is preferable for young adults to stay on their parents' plans until the legal age limit since the additional cost for a dependent is cheaper.

New York also allows health insurance companies to offer an age 29 coverage option. Parents pay a little more for their health insurance in exchange for having their children stay on the family plan until the age of 29.

For example, say your young adult child has passed the age of 27 but does not have a job or sustainable income to pay for their own insurance. In this case, you could pay a small extra premium along with your normal health insurance rate that would allow your coverage to support your son or daughter. To qualify, the young adult must:

  • Be unmarried
  • Be 29 or younger
  • Not be insured or eligible for insurance through their employer
  • Live, work or reside in New York state or the insurance carrier's coverage area

Best cheap health insurance companies in New York

There are currently 14 insurers that sell individual plans on the New York health insurance marketplace. We found that Fidelis Care offers the most affordable health insurance rates in New York.

New York health insurance companies

  • CDPHP
  • EmblemHealth
  • Empire Blue Cross (Anthem)
  • Excellus BCBS
  • Fidelis Care
  • Healthfirst
  • Highmark Northeastern New York
  • Highmark Western New York
  • Independent Health
  • MetroPlus Health
  • MVP Health Care
  • Oscar
  • UnitedHealthcare
  • Univera Healthcare

Some of these insurers may not be available depending on where you live. The availability of insurers and health plans changes by county, so your location will directly impact your coverage options.

Medicaid health insurance coverage in New York

New York's Medicaid program is a form of health insurance for those with low incomes. Qualifying for Medicaid is primarily a function of how much you earn and your household size. Through the state's expansion of Medicaid, most households with a modified adjusted gross income (MAGI) under 138% of the federal poverty level (FPL) are eligible for Medicaid coverage in New York.

The income limits for children and pregnant women are slightly higher than those for adults. Children up to the age of 19 are eligible for a special type of Medicaid if the household income is under 154% of the FPL, while pregnant women and infants up to the age of 1 are eligible if the household earns less than 223% of the FPL.

The following table illustrates the maximum yearly income a family can have in order to qualify for the Medicaid thresholds in New York.

Family size
Maximum income level per year
1$17,131
2$23,169
3$29,207
4$35,245
5$41,284
6$47,322
7$53,360
8$59,398

How does Medicaid coverage work in New York?

If you apply for Medicaid in New York, you will be asked to select a health plan managed by an insurance carrier, such as UnitedHealthcare or Empire BlueCross BlueShield. These insurance companies also sell individual health insurance policies and small-business coverage, and the plans themselves operate similarly.

Each Medicaid plan will come with a network of doctors and health care providers that accept the insurance.

However, health plans offered as part of the Medicaid program may have a different network of doctors when compared to other plans offered by the same insurance carrier. If you have a physician you prefer, it's important to make sure they are covered in the new network.

Average cost of health insurance in New York by family size

Along with your county of residence, the number of people covered under the health plan will affect how much you pay for health insurance. Note that for family coverage, the average cost for a plan depends on the number of adults and isn't affected by how many dependents are covered under the health insurance plan.

As you can see below, a couple with one or more children will pay an average of $1,926 per month for a Silver plan. This is $499 more than the couple would pay to cover themselves.

Metal tier
Single adult
Couple
Adult with at least 1 child
Couple with at least 1 child
Bronze$525$1,051$893$1,418
Silver$713$1,427$1,213$1,926
Gold$861$1,723$1,464$2,325
Platinum$1,089$2,178$1,852$2,941

Child Health Plus coverage for children

In New York, Child Health Plus is a health insurance program for children in households that have incomes that are too high to qualify for Medicaid but are less than 400% of the federal poverty level. Like Medicaid plans, Child Health Plus plans are managed by the same insurance carriers on the individual and small-business market.

Families with children under the age of 19 who qualify for Child Health Plus pay significantly lower health insurance rates for covering the children. The amount a family contributes is based on the family size and household income, with premiums per child ranging from $9 to $60 per month.

For families with multiple children, the maximum contribution is three times the per-child premium. For example, if you fall into the $9-per-child threshold group, then the maximum you would pay for all your children would be $27, even if you purchase coverage for more than three children.

Maximum monthly income per number of children to be eligible for Child Health Plus

Cost per month
1
2
3
4
5
6
7
8
Free insurance$1,717$2,322$2,927$3,533$4,138$4,743$5,349$5,954
$9$2,383$3,223$4,063$4,903$5,743$6,583$7,423$8,263
$15$2,684$3,630$4,575$5,521$6,467$7,413$8,359$9,305
$30$3,220$4,355$5,490$6,625$7,760$8,895$10,030$11,165
$45$3,757$5,081$6,405$7,730$9,054$10,378$11,702$13,026
$60$4,294$5,807$7,320$8,834$10,347$11,860$13,374$14,887

Recap of the best cheap health insurance in New York

  • Bronze: Independent Health thRed Bronze, Dep25
  • Silver: Independent Health thRed Silver, Dep25
  • Gold: Fidelis Care, Gold, Dep25
  • Platinum: Independent Health thRed Platinum, Dep25

Frequently asked questions

How can I save money on health insurance in New York?

Saving money on health insurance involves choosing the right health insurance policy for your needs at the cheapest available price. If you have high medical needs, choosing a more expensive plan with better benefits can help you reduce your total spending.

What metal tier of health insurance should I purchase on the New York exchange?

The best metal tier of health insurance will depend on your health needs, the plan's affordability and your family's situation. Silver plans are the best for most people because they are a middle-of-the-road option that balances coverage with monthly costs. Generally, younger and healthier individuals will get the best deal with a Bronze plan since they will not use the insurance as frequently. Those who have high health care or prescription needs should consider a Gold or Platinum plan since it could provide the most benefits.

How do I find the right New York health insurance company for me?

There are 14 health insurance companies offering plans on the New York health insurance exchange. Often, cheaper health insurance plans within the same coverage tier can mean that the company may fall short on customer service or may not provide added benefits such as telemedicine or gym memberships. Therefore, you should evaluate what your needs are before selecting a health insurance provider.

Methodology

ValuePenguin collected rates from New York's state health insurance exchange. We gathered rates and plan details from every county in the state, then we averaged the rates and sorted them by metal tier, age and family size. This allowed us to compare rates and find the cheapest providers in New York. Rates for Chenango County were not included in our analysis.

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

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