What Are The Metal Categories?
There are four levels of plans in the Health Insurance Marketplace which are also known as metal categories. These include bronze, silver, gold, and platinum. These categories have nothing to do with the quality of care. Even catastrophic plans are available for some people. This plan is for people who are 30 years old or who have certain exemptions. For each category, you will have to pay a different percentage of total yearly costs of your care, and the balance will be paid by your insurance company.
Know how the cost is split between you and your insurance company-
This data is an estimated average of a typical population. Your costs may vary based on various factors. For the bronze metal category, 60% is paid by the insurance company and 40% is paid by you. While, in the silver metal category, 70% is paid by the insurance company and 30% is paid by you. 80% is paid by the insurance company and 20% is paid by you in the gold metal category. Whereas, in platinum category, 90% is paid by the insurance company and only 10% is paid by you.
Know about which metal category suits you the best by knowing each one in detail-
- Bronze
This metal category has the lowest monthly premium. It provides the highest costs when you need medical care. The amount of medical costs you have to pay for yourself before your insurance plan starts to pay is termed to be the bronze plan deductibles. It can be thousands of dollars per year. The bronze metal category is a great choice if you want a low-cost way to protect yourself from worst possible medical scenarios like serious medical conditions and severe injuries. You will have to pay for most routine care yourself but your monthly premium will also be low. - Silver
This is a moderate level monthly premium plan. It will have a moderate cost when you need medical care. Silver deductibles are the cost you pay yourself before you are entitled to any payment from your plan. The cost that you have to pay is usually lower than those of bronze plans. You must pick a silver plan to get extra savings if you qualify for cost-reductions. If you ensure a lot of care, you can save hundreds or even thousands of dollars every year, depending on your income. If you already qualify for extra savings or you have surplus money available that will enable you to pay slightly more than the bronze category, then you should opt for this plan. It will help a lot in getting your routine covered. - Gold
Being the third in the metal category, gold plans do have higher premiums as compared to silver and bronze categories. When you need medical care, it will not cost you that much. This is because the gold deductible is the amount you have to pay when you need care before your plan pays. The amount is usually low. This plan is perfect for you if you already use a lot of care as it will be helpful to get the costs covered. However, a gold plan is of great value if you are willing to pay a high monthly premium. - Premium
This metal category has the highest monthly premium. Which in turn, entitles you to lowest costs when you get care as compared to the other three metal categories. The deductibles in this plan are very low as your plan will start paying your share earlier than any other categories of metal plans. This is the best plan if you usually use a lot of medical care. However, you should be willing to pay a high monthly premium and know that nearly all your costs will be covered.
Free preventive care is provided in all these metal categories. They also offer some selective free or discounted services before you meet your deductibles. Also, you can save a lot of money on your monthly premium based on your income, no matter which metal category you choose. Also, note that your premium tax credit will change if you add or lose members of your household or if your income changes.
