Types of Health Insurance Plans: Bronze, Silver, Gold, and Platinum

Picture losing coverage through a job, spouse, or some other reason. Before you panic about not having health insurance, consider the different types of health insurance plans. From bronze to platinum, and metals in between, you can get a plan that meets your needs. Then, you won't have to pay for coverage when you need it, but you can consider how to keep monthly costs low. Keep reading to learn about the different metal plan levels.

Bronze Plans

Bronze health insurance plans cover the basics that you need to obtain affordable care. These plans usually have lower monthly premiums which can be great for healthy people. When you compare bronze to other metals, you'll need to pay more for services when you go to the doctor or if you need prescriptions. The deductible is higher, so you may need to spend more on co-pays and other costs. Out of all of the insurance options, a bronze plan has the potential to be the most affordable. However, it could also be more expensive if you take multiple prescriptions or have frequent doctors' visits.

Who Should or Shouldn't Choose It

Anyone who is relatively healthy should consider bronze health insurance plans. You can save money each month, but you'll still have coverage for the worst-case scenario. Bronze plans are also useful for anyone on a tight budget. Even if you have medications or other costs, you may qualify for co-pay assistance programs for certain medications. However, if you expect to use your insurance plan a lot, you may want to get a higher metal level to keep costs the same. If you qualify for Medicare, you might also want to go that route instead of through the marketplace.

Silver Plans

Another one of the four types of health insurance plans is a silver plan. Compared to a bronze plan, a silver plan may cover a bit more so that you don't have to pay as much for regular care. However, you can usually expect a higher premium to account for that extra coverage. Silver plans are more affordable than some metal levels, so they're a good compromise between low premiums and low deductibles. They're also useful if you want to cover most routine coverage. You'll still have to pay for a moderate amount of your care, but you may save more than with other metals.

Who Should or Shouldn't Choose It

A silver plan is particularly useful for people or families at or near the federal poverty line. The health insurance marketplace offers cost-sharing reductions or extra savings for qualifying people. However, you have to get a silver plan to qualify. Then, you can reduce your premium, deductible, and out-of-pocket maximum, even more, to make health care as affordable as possible. If you don't qualify for extra savings but want the cheapest option, silver may not be for you. On the other hand, a silver plan might not work if you require frequent care. Neither deductibles nor premiums are the highest on a silver plan. However, all costs can add up depending on how much you use your insurance plan.

Gold Plans

Gold plans are one of the best types of health insurance plans for people with underlying health conditions. These plans have higher premiums but lower deductibles than silver and bronze plans. That makes the monthly cost of care a bit more stable, even if the premium is higher. You will be able to meet your deductible earlier in the year, so you'll just have to pay your premium later on. The amount of money you pay for care each year will be less than lower metal tiers. If you expect to need a lot of regular care, it may be worth paying more each month.

Who Should or Shouldn't Choose It

A gold plan is best for an individual who knows they will need a lot of medical care. The same is true of families where one of the members takes multiple prescriptions or sees various doctors. Anyone who wants more predictable medical costs each month might also benefit from a gold plan. While you'll usually still have a deductible, you can budget more accurately for your overall medical expenses. If you don't have any health conditions, you may find that gold plans are a bit too much. While you can get plenty of care that you need, you may be able to save money with other metal levels.

Platinum Plans

The top health insurance plan metal is platinum, and platinum plans are almost the opposite of bronze plans. If you select a platinum insurance plan, you'll have a high premium but a low deductible. Of course, platinum plans can easily appear to be the most expensive if you only consider the premiums. However, the lower deductible may outweigh the higher premium. You might meet your deductible close to the beginning of the year, so you only need to pay your monthly fee. Then, you can get as much in-network care as you need for the rest of the year.

Who Should or Shouldn't Choose It

Anyone who has a lot of prescriptions, especially expensive ones, may benefit from a platinum plan. You might also want to get a platinum plan if you want to save time and money at the doctor or pharmacy. The premium will cover almost everything, which can reduce your stress when you need medical care. Then, you can focus on getting the care that you or your family member needs. A platinum plan may be a bit too expensive if you don't go to the doctor outside of your annual checkup. If you rarely take prescriptions, you might also find you could save money on a lower metal tier. People who qualify for extra savings, even if they have medical conditions, may want to get a silver plan. In those cases, the silver plan deductibles might rival those of platinum plans.

The Best Types of Health Insurance Plans

When comparing insurance coverage, you may come across different types of health insurance plans. Bronze, silver, gold, and platinum plans offer unique pros and cons. Healthy people may prefer a bronze plan for its low monthly premium. On the other hand, a gold or platinum plan can offer more predictable costs for people who need medical care. Do you qualify for Medicare rather than a marketplace plan? Contact us to help select the best coverage for you.