Health insurance coverage is divided into three distinct categories, often referred to as “metal levels”. These categories are based on how you and your insurance plan divide costs, and have nothing to do with the quality of care. The Affordable Care Act (ACA) created standard criteria and categories for health plans in the marketplace, making it easier for medicare supplement agents san antonio consumers to compare options. All health insurance marketplace plans must include at least 10 essential health benefits, including fully covered preventive care services. The three levels of health insurance coverage are Bronze, Silver, and Gold.
Each level has different cost-sharing requirements, meaning that the amount you pay out-of-pocket for medical services will vary depending on the plan you choose. Here is a breakdown of each level:
Bronze Plans
Bronze plans typically have the lowest monthly premiums, but also have the highest out-of-pocket costs. This means that you will pay more when you need medical care. Bronze plans typically cover 60% of your medical costs.Silver Plans
Silver plans have higher monthly premiums than Bronze plans, but lower out-of-pocket costs.This means that you will pay less when you need medical care. Silver plans typically cover 70% of your medical costs.
Gold Plans
Gold plans have the highest monthly premiums, but also have the lowest out-of-pocket costs. Gold plans typically cover 80% of your medical costs. When selecting a health insurance plan, it is important to consider your budget and your expected healthcare needs. If you anticipate needing a lot of medical care, a Gold plan may be the best option for you.On the other hand, if you are looking for a more affordable option with lower monthly premiums, a Bronze plan may be the right choice.
