While you are reviewing the different prices of health insurance quotes, you can also check to see if you are eligible to receive an insurance subsidy from the government. The different insurance plans are divided into metal tiers which are representative of the total healthcare costs and the price of the monthly premiums.
The four-tier levels of health insurance plans available on the marketplace are bronze, silver, gold, and platinum. Additionally, there is an emergency insurance plan called a “catastrophic” plan. Although it does not count as insurance coverage according to the rules established by the ACA, this short-term medical insurance plan is beneficial to have some financial coverage in the event of an emergency.
Here are the different tiers of insurance coverage and what they entail:
· Bronze Health Plan – Bronze health insurance plans are the most affordable with the lowest premium costs, however, they also have the highest prices for services. Typically, you will pay 40 percent and the insurance provider will cover 60 percent of the costs in these plans. Bronze health plans are a good option for you if you do not regularly receive medical care.
· Silver Health Plan – Silver health insurance plans are a balanced choice with premium costs and the cost of medical services being between high and low. If you are covered with a Silver health plan, you will usually pay about 30 percent and the insurance provider will cover the remaining 70 percent of costs. With these plans, you will pay a moderate monthly premium and out-of-pocket costs.
· Gold Health Plan – Gold health insurance plans will provide you with low costs of care at the expense of a higher monthly premium. With a Gold health plan, you will play for 20 percent and the insurance will pay the remaining 80 percent of your healthcare costs. This type of coverage is better if you
· Platinum Health Plan – Platinum health insurance plans have the highest premium costs but the lowest deductibles on medical care. People covered by platinum health insurance plans can expect to pay 10 percent while their insurance provider will pay the remaining 90 percent of the costs.
The expensive monthly premiums may be a worthwhile price to pay if you frequently require medical attention or visits to the doctor’s office.
You are eligible to receive subsidies that will vary in amount depending on your location, income, tobacco use, and the members of your family. If you have a low income, you will receive a larger amount from the subsidies. Larger families will also receive larger subsidies to cover the cost of family health insurance plans.