You might have heard that the Affordable Care act offers “metal” categories of health insurance coverage.
However, you may not know what a metal category is, or how to choose one of them.
Simply, the Affordable Care Act has different levels of health care coverage. These levels are Bronze, Silver, Gold and Platinum.
The different levels determine how an individual and their health care provider split the cost of insurance payments.
Insurance companies offer different plans in each level that allow customers to choose which plan fits their needs. The company and plans within each level vary by state.
Bronze plans have high deductibles, but have the lowest monthly premiums. If you want a health care plan that comes with low monthly payments, this is generally a good choice. But, under the Bronze plan you will likely have to pay more out-of-pocket when you have care.
Silver plans have medium cost levels for deductibles and premiums. Silver plan deductibles are generally lower than Bronze deductibles. This is a good plan for you if you want to pay a higher monthly cost, but have higher amounts of coverage.
Even though your monthly cost will be higher, you will pay a low cost when you need care. Gold is a good plan if you have a lot of health care costs. A higher monthly premium will likely lead to other out-of-pocket savings because it covers more care.
Though Platinum plans have the highest monthly costs, they have the lowest out-of-pocket costs when you need care. These plans are best for those who can afford the highest deductibles and who also need a high level of care.
But, if you choose a Bronze plan as opposed to a Gold or Platinum plan, does that mean you don’t get the same services?
The answer is no. The metal level has no bearing on the quality or services of a health plan. Levels are based on how much of your care is covered by health insurance.
Healthcare.gov has information to help you choose the correct plan. The process of choosing what is best for your health means you likely have more questions. Call Simpson Financial Group at (877) 727-7780 to find out if one of these plans is best for you.