Through the Affordable Care Act, health insurance plans are categorized between Bronze, Silver, and Gold level plans. Read below for a description of each type of plan.
Note: Plans in all categories provide free preventive care, and some offer selected free or discounted services before you meet your deductible.
Bronze health insurance plans have the lowest monthly premium and the highest costs when you need care. These plans are a good choice if you want a low-cost way to protect yourself from worst-case medical scenarios, like serious sickness or injury. Your monthly premium will be low, but you’ll have to pay for most routine care yourself.
Silver health insurance plans moderate monthly premium and moderate costs when you need care.
If you qualify for cost-sharing reductions you must pick a Silver plan to get the extra savings. You can save hundreds or even thousands of dollars per year if you use a lot of care. You can qualify for cost-sharing reductions based on your income. In the case that you do qualify, silver plan deductibles and max out of pocket expenses can be lower than gold level plans.
Gold plans have the highest monthly premium, but lowest costs when you need care. These are a good choice if you’re willing to pay more each month to have more costs covered when you get medical treatment. If you use a lot of care, a Gold plan could be a good value.
The Best Plan For You
The best metal tier for your personal situation will depend on a lot of variables. It can be very confusing to try to take into account the deductible, copay, coinsurance, and max out of pocket. Many consumers and group plans are paying high monthly premiums for silver and gold plans which is often not the best choice. Using our proprietary technology, we can easily compare your situation in a variety of situations.