When choosing a plan, it is helpful to remember that all plans – Bronze, Silver, Gold, and Platinum – cover the same Essential Health Benefits. Your monthly health insurance premium will be higher if you choose a higher level plan (i.e. Gold or Platinum. This higher level will also cost less each time you visit a health care provider or get a prescription filled. Conversely, your monthly premium will be lower if you choose a Bronze or Silver plan, but you will pay more for each doctor visit, prescription or health care service that you use.
What Are My Options?
More frequent health care visits and regular prescriptions fit better into a Gold or Platinum plan that pays a higher percentage of the costs. If you are healthy and don’t expect to have many health care bills, you might be comfortable choosing a Bronze or Silver plan. Naturally everyone can have accidents or become ill which results in lots of medical bills, which means that you should factor in your risk tolerance when making your choice
If your income falls between 100 and 250% of the federal poverty level ($11,490 to $28,725 for an individual), you may be eligible for a Cost-Sharing Reduction subsidy, which can help lower your deductibles, copayments and coinsurance. In order to receive Cost-Sharing Reductions, you must purchase a Silver plan on the Marketplace.
Many people will qualify for Advanced Premium Tax Credits, a type of subsidy that lowers your monthly premium. You may be eligible for this subsidy if your income falls between 100 and 400% of the federal poverty level ($11,490 to $45,960 for an individual).
The Cost-Sharing Reduction and Advanced Premium Tax Credits subsidies are not automatic: you must apply for them on the Health Insurance Marketplace.
TelePay Insurance Agency offers quality coverage and expert advice. Let us help you discover what coverage is right for you.
40% - You have the highest “out of pocket” costs for medical care. But you pay the least in premium.
30% - Spread costs out more and is a great middle of the road plan. Premiums are higher than a Bronze plan but costs will be less when receiving medical care.
20% - With a gold plan, medical costs are lower than with a Bronze or Silver plan but the premiums are higher.
10% - You have the lowest “out of pocket” costs for medical care. But you pay the highest in premium.