New York State has introduced a new affordable health insurance plan designed for
low-income residents who make too much money to qualify for Medicaid, but not enough to afford private insurance.
When open enrollment begins November 1, the “Essential Plan” will be offered through the state’s insurance exchange for those with incomes up to $23,540 for an individual and $48,500 for a family of four. The cost is a maximum of $20 per person, with no deductibles, and may cost less in some circumstances.
It is available only to low-income New Yorkers who don’t qualify for the state’s Medicaid or Child Health Plus programs. The state expects about 470,000 New Yorkers to enroll.
As the name indicates, the plan offers the same essential benefits as costlier health plans, such as free preventive care, doctor visits, prescription drugs, tests and hospital care.
The Affordable Care Act gives states the authority to offer special insurance program to people whose incomes are just above the eligibility levels for Medicaid. To help cover the cost, New York will receive federal funding equal to 95% of the federal tax credits and other subsidies eligible individuals would receive if they enrolled in private health plans on the exchange.
