What is the difference between bronze and silver health plans?
Bronze plans: lower monthly payments, but higher out-of-pocket costs. Silver plans: monthly payments lower than a gold plan, but more than bronze. Your out-of-pocket costs will be less than a bronze plan, but more than a gold plan, unless you’re eligible for cost sharing reduction.
What is a bronze healthcare plan?
A bronze plan is a type of health insurance available on the Affordable Care Act (ACA) marketplace. This plan category describes individual health insurance plans with the least expensive premiums and the highest copay and coinsurance amounts. Additionally, bronze health plans often have higher deductibles.
Are bronze Health Plans good?
Bronze plans usually have the lowest monthly premiums but the highest costs when you get care. They can be a good choice if you usually use few medical services and mostly want protection from very high costs if you get seriously sick or injured. Note: Bronze plan deductibles can be very high.
What are the 4 common metal levels associated with insurance plans?
Marketplace plans are categorized by metallic tier1 — bronze, silver, gold, and platinum — based on plan value and cost.
What are the three levels of health insurance coverage?
Levels of plans in the Health Insurance Marketplace®: Bronze, Silver, Gold, and Platinum. Categories (sometimes called “metal levels”) are based on how you and your insurance plan split costs. Categories have nothing to do with quality of care. (“Catastrophic” plans are available to some people.)
What is a Silver plan?
A silver plan pays for more out-of-pocket medical costs than a bronze or catastrophic policy but less than a gold or platinum plan. Each company selling health insurance in a Marketplace must offer at least one silver-level plan. Silver plans pay, on average, 70% of the cost for the benefits that the plan covers.
Are Silver plans worth it?
Silver plans fall in the middle when it comes to costs: moderate premiums and moderate out-of-pocket expenses. If you qualify for cost-sharing reductions (or “extra savings”), you can save on out-of-pocket expenses — such as deductibles, copayments, and coinsurance — if you pick a marketplace silver plan.
Who would be a good candidate for a Silver plan in the Health Insurance Marketplace?
The Silver Plan is best-suited for: An individual or family who mainly goes in for doctor visits, lab work or x-rays, or who takes generic drugs. Someone who is relatively health. An individual or family who wants reasonable copayments for common services.
What comes after gold silver and bronze?
Platinum
The fours categories are called tiers and they are Bronze, Silver, Gold, and Platinum.
Do I have to choose a silver plan?
If you qualify for cost-sharing reductions: You must pick a plan in the Silver category to get these extra savings on out-of-pocket costs. If you enroll in a plan in another health plan category, you can still use a premium tax credit. But, you won’t get these extra savings.
What’s the difference between bronze and silver health insurance?
The Affordable Care Act requires each metal tier to cover a certain percentage of your health care costs. Bronze plans cover about 60 percent. Silver plans cover about 70 percent, unless you’re eligible for cost sharing reduction.
What are the benefits of a bronze health plan?
But, with a bronze plan, you also generally pay the lowest premium each month, compared with other metal plans. Compared with the other plan levels, you are likely to pay less each time you see your doctor or get a prescription.
What percentage of health care costs does a silver plan cover?
Coverage and costs. The Affordable Care Act requires each metal tier to cover a certain percentage of your health care costs. Silver plans cover about 70 percent, unless you’re eligible for cost sharing reduction.
What’s the difference between gold and silver health insurance plans?
We all know gold costs more than silver, and silver costs more than bronze. But when it comes to health plans, metal tiers tell you more than just price. The Affordable Care Act requires each metal tier to cover a certain percentage of your health care costs.