4 Categories Obamacare Health Plan

4 Categories Obamacare Health Plan

If you’re purchasing any of the health insurance plans listed above through the federal Health Insurance Marketplace, you’ll also have to choose which plan tier or category you’d like. The Marketplace was established following the passage of the Affordable Care Act (ACA), and plans listed there must meet certain basic requirements.

 

All plan categories are required to offer essential healthcare benefits, including a wide variety of preventive services.

 

Bronze

With a Bronze category plan, you’ll pay the least amount for premiums. However, this plan category has the highest costs when you need care since deductibles can easily run into the thousands of dollars.

You may also pay more out of pocket for co-pays or co-insurance. A Bronze plan may be best suited for people who don’t visit the doctor often and can afford a higher deductible in exchange for worst-case-scenario healthcare.

 

Silver

Silver plans have a moderate monthly premium and moderate out-of-pocket costs if you need care. Deductibles are usually lower than what you’d pay for a Bronze plan, though more expensive than Gold or Platinum plans.

Enrolling in a Silver plan could help you qualify for cost-sharing reductions. Those reductions can translate to lower co-pays, co-insurance, and deductibles.

 

Gold

Gold plans have a high monthly premium but offer lower costs on a routine basis. Deductibles are usually low, and you may pay less for co-pays or co-insurance as well.

A Gold plan could be a good option if you visit the doctor regularly. It may not take you as long to reach the deductible, and once you do, your insurer can pick up the rest of your costs.14

 

Platinum 

Platinum plans have the highest premiums overall but cost you the least out of pocket when you need care. 

 

Platinum plan deductibles are the lowest of any plan tier, so your insurance company starts shouldering more of the costs of care faster. You might choose a Platinum plan with higher premiums if you want to reduce your other out-of-pocket costs as much as possible.