Platinum Plans: Good for People Who Need Regular Healthcare
Platinum plans are the most expensive ACA marketplace plans and they’re also the hardest to find. Less than 10% of ACA plans are platinum plans, so there’s a good chance you might not even have the option. If a health insurance company in your area offers platinum plans, these types of plans may work for you if you need regular healthcare and several expensive prescriptions. Platinum plans have low
health insurance deductibles and
coinsurance , so you pay lower amounts when you get healthcare. But they also have the highest premiums, so you pay the most to have coverage each month.
Gold Plans: Good for People Who Need Lower Out-of-Pocket Costs
Gold plans have lower out-of-pocket costs than silver or bronze plans, but they come with higher
health insurance premiums . If you expect to get regular healthcare, a gold plan could be a smart option since you will pay less when you receive care compared to a silver or bronze plan. You’ll want to weigh the cost of premiums with out-of-pocket costs like coinsurance and deductibles when you’re choosing an ACA plan.
Silver Plans: Good for People Who Want to Balance Premiums and Out-of-Pocket Costs
If you want to avoid very high deductibles but also don’t want to pay high premiums, a silver plan might be a savvy choice. Silver plans have lower out-of-pocket costs than bronze plans and lower premiums than platinum and gold plans, which make them a good compromise. Silver and bronze plans are the most common ACA plans offered, so you shouldn’t have an issue getting a silver plan in your area.
Bronze Plans: Good for People Who Need the Lowest Premiums
Bronze plans are a top option if you don’t use healthcare often and want the cheapest monthly premium payment. The drawback is that bronze plans have higher out-of-pocket costs when you go to the doctor or get prescriptions. If you need the cheapest health plans that still offer comprehensive coverage, a bronze plan could be the best choice. Some health insurance companies also sell “expanded bronze” plans. These plans have higher coinsurance levels for in-network costs (up to 65%) than standard bronze plans (average of 60%).
Catastrophic Plans: Good for Young People Who Don’t Often Need Healthcare
The ACA marketplace offers
catastrophic health insurance to people under age 30 and those who have severe economic issues like homelessness. If you’re eligible for a catastrophic plan, you may like the low monthly premium but watch out for the high out-of-pocket costs. One thing that makes catastrophic plans different from other options is that they don’t have coinsurance. Instead, you’ll have to deal with an extremely high deductible when you get medical care. Once you’ve spent that deductible amount on healthcare, a catastrophic plan pays the rest of your in-network healthcare costs for the year.
