Changes in the cheapest Silver plans on the New York health insurance marketplace in 2023:
Yes, New York has an official state-based healthcare marketplace - NYStateOfHealth. New York State of Health marketplace helps individuals, families, and small businesses obtain Affordable Care Act-compliant health insurance coverage. It also serves as a tool to qualify for Medicaid, Child Health Plus, and the Essential Plan.
All residents (citizens and lawfully present immigrants) of New York are eligible for coverage through the New York State of Health marketplace, as long as they are not incarcerated.
The open enrollment period on the NY State of Health marketplace exchange is from 16 November through 31 January. If you need to get coverage outside of this timeframe, you must meet additional requirements to qualify for a Special Enrollment Period application.
During the open enrollment period of 16 November, 2022 - 31 January, 2023: 212,580 New Yorkers obtained coverage through the NY State of health marketplace either for themselves alone or for their families.
In 2023, twelve insurers offer health insurance plans to the residents of New York through the NY State of Health, a state-based health marketplace:
The offering of the cheapest silver plans on the NY State of Health insurance marketplace has changed across all counties. In 2022, six insurers shared the cheapest Silver plans across the state. In 2023, just 4 insurers are seen as the cheapest:
Comparison of Cheapest Silver Plans Offerings by Company in New York Counties
between 2022 and 2023
Note: Comparison is made using the cheapest Silver plan for a 35-year old individual.
As a whole, New York health insurers have increased the price in 2023 by an average of 9.7%. Meanwhile the cost of the cheapest Silver plans in New York has gone up in some counties and down in others, with an average increase of $5.67 per month ($68.04 per year).
In 39 New York counties the cheapest silver plan premium has decreased in price. The decreased amount is as little as $2.91 per month to as much as $39.01. In 9 of the counties this resulted in savings of $488.12 per year.
In 23 New York counties the cheapest Silver plan has gone up in price, by an average of $55.48 per month (increasing the annual average cost by $665.76)
The largest price increase was seen from Highmark’s Destination 65 plan in Clinton County, where the price was increased by over 24%, from $578.66 to $713.57.
|Comparison of Cheapest Silver Plans in New York Counties
between 2022 and 2023
|Average monthly price||Average monthly price|
New York residents who earn between 100% and 400% of the Federal Poverty Level (FPL) qualify for subsidies on the NY State of Health Marketplace. The subsidies can come in the form of Premium Tax Credits (PTCs), which lower the monthly premium cost, or Cost Sharing Reductions (CSRs), to help lower the overall out-of-pocket expenses by offering plans with lower co-payments, deductibles, and maximum out-of-pocket (MOOP) amount.
The annual health insurance deductible for the cheapest New York Silver health plan has changed by an average of $71, from an average of $1,887 in 2022 to $1,958 in 2023:
In 2023, the lowest deductible for the cheapest Silver plans across all New York counties is $1,750. At $5,300, Bronx and King counties have the highest deductibles on their cheapest silver health plans.
In 2023, the average amount of Maximum Out of Pocket (MOOP) for the cheapest silver health plans on NY State of Health Marketplace has increased for all plans, by an average of $778 (from $8,277 to $9,055).
If you know for sure that your income is too high and it disqualifies you from any possible subsidies through Cost Sharing Reductions and/or Premium Tax Credits on the NY State of Health Marketplace, then you may choose to shop for coverage off-market. You can purchase full-price health insurance coverage directly from the insurers and through New York-licensed health insurance agents and brokers.
If you are buying an ACA-compliant policy off-market in New York, it will abide by the same rules as it does on the marketplace, including the need to shop for it during the Open or Special enrollment periods (based on qualifications). If the policy does not have an enrollment period or if you are being asked qualifying health history questions - then you are likely applying for non-ACA-compliant insurance and should consult with an agent for advice.