1 2013 we were introduced to a new way of selecting health insurance. Private health insurance reforms Gold Silver Bronze Basic product tiers fact sheet.
Choosing Bronze Silver Gold Or Platinum Health Plans New Youtube
Each level pays a different portion of your health care bills.
Bronze vs silver health insurance. Platinum health insurance plan. These plans pay an average of 70 of an individuals covered medical costs and usually have lower deductibles than bronze plans. Silver plans are different than bronze plans in that they may apply cost-sharing reductions sometimes called extra savings.
Silver health insurance plan. It pays the highest portion of your health care bills 90. Silver deductibles the costs you pay yourself before your plan pays anything are usually lower than those of Bronze plans.
For information about specific details of health plans in your state call 800-930-7956. However people with more medical needs often upgrade to gold plans because lower costs at. Bronze health insurance plan.
Philip Lee a health insurance broker in Lafayette Calif says most of his clients choose silver plans. Silver plans are a little different. The most basic plan is Bronze.
Conversely your monthly premium will be lower if you choose a Bronze or Silver plan but you will pay more for each doctor visit prescription or health care service that you use. Silver is the better choice than Bronze if you can afford it because of its lower deductible more benefits before hitting the deductible and the only plan that is eligible for cost-sharing subsidies. Through the Health Insurance Marketplace at healthcaregov some individuals can qualify for enhanced silver plans based on their income and receive savings through lower copays co-insurance and deductibles.
The bronze plan worked the same as the silver just with a higher deductible. It also costs the most. You may be eligible for a cost sharing reduction subsidy.
If you choose a gold plan overall youll pay about 20 percent and your insurance company will pay about 80 percent. It pays 60 of your health care bills and costs the least. Any year you dont meet the deductible the plans will pay the same.
If you typically use minimal health care services you may be willing to risk the higher deductible of a bronze plan which is likely to top. If you choose a bronze plan overall youll pay about 40 percent of your health care costs and your insurance company will pay about 60 percent. Youll have a lower out-of-pocket maximum and lower prices for basic medical treatments.
My Dr visits would cost about 85 because you do get the contracted rate instead of the full price. Gold health insurance plan. By actuarial tier more commonly referred to as metal level Several years into the ACA if youre still confused about the difference between a bronze plan and a.
When the Affordable Care Acts ACA state-based and federally facilitated health insurance marketplaces opened on Oct. The four levels of health plansBronze Silver Gold and Platinumare differentiated based on their actuarial value. If you qualify for cost-sharing reductions you must pick a Silver plan to get the extra savings.
The average percentage of healthcare expenses that will be paid by the plan. You can save hundreds or even thousands of dollars per year if you use a lot of care. Grouping plans this way makes it easier to shop for insurance.
For example the top-of-the-line plan is Platinum. This fact sheet describes the Gold Silver Bronze and Basic private hospital insurance tiers and what they mean to you.