The Health Care Marketplace is where people can obtain insurance if they are not covered by a company plan. The insurance coverage levels are often referred to as “Metal” categories: Bronze, Silver, Gold, and Platinum. Catastrophic plans are also available to some people. Here is an estimate of how each plan shares its costs with you (these are estimates only, costs vary per person):
Bronze — Insurance pays 60%, you pay 40%
Silver — Insurance pays 70%, you pay 30%
Gold — Insurance pays 80%, you pay 20%
Platinum — Insurance pays 90%, you pay 10%
Here are the key attributes of each plan for a general comparison:
Bronze level plans have the lowest premiums but will result in higher costs when you need medical care. A bronze plan will normally also have the highest deductible amount before the insurance coverage kicks in. If you are healthy or want to keep premiums low, this is your best choice. The downside is you will pay for a lot more of your routine medical care.
Silver is moderate, both in premium costs and in coverage. The deductibles are typically lower than Bronze plans. If you qualify for cost-sharing reductions in cost you must subscribe to a Silver plan to be eligible. Silver is also a good choice if you want lower costs for routine care.
Gold has higher premiums but also a higher level of coverage with lower costs for you. Deductibles are lower so insurance coverage begins sooner. If you expect to have regular medical needs it may be a good choice.
This is the coverage that will cost you the most but other than high premiums your out-of-pocket costs will be the lowest of any plan types. It may be a good choice if you require a lot of regular medical care and don’t want to worry much about out-of-pocket costs.
This is meant to be a general summary of the Health Care Marketplace “Metal” plans. There is much more to determining the best insurance coverage for employees, and First Day Films can assist you with our informational and instructional videos. For more information about our services please call 833-422-7332.