What are the 4 levels of coverage offered under the Affordable Care Act?

What are the 4 levels of coverage offered under the Affordable Care Act?

Under the Affordable Care Act (ACA) health plans will be required to provide four levels of coverage: bronze, silver, gold and platinum.

Which plan is better gold or Platinum?

Affordable Care Act health plans fall into “metal tiers,” which determine how you and your plan will split the cost of care. Gold: High monthly premium but low costs when you need care. Platinum: Highest monthly premium and the lowest costs when you need care.

What’s the difference between bronze silver and gold plans?

Payments and out-of-pocket costs Bronze plans: lower monthly payments, but higher out-of-pocket costs. Silver plans: monthly payments lower than a gold plan, but more than bronze. Gold plans: higher monthly payments, but lower out-of-pocket costs.

How do bronze silver gold and Platinum health plans differ?

A Bronze Plan will cover 60% of health care costs with the consumer responsible for paying 40%. For Silver plans insurance companies pay 70% of costs and the consumer pays 30%. For Gold Plans, the split is 80%-20% and for Platinum the split is 90%-10%.

Why is bronze gold silver and platinum?

The more valuable the metal is, the more the plan will pay for the coverage. Bronze represents the lowest level of coverage (except catastrophic plans, see below). Platinum represents the highest level of coverage. What does “metal tier” mean?

How much is Obamacare gold plan?

Average Marketplace Premiums in 2021 By Metal Tier

State Average Lowest Cost Bronze Plan Average Lowest Cost Gold Plan
Arkansas $322 $499
California $323 $444
Colorado $273 $383
Connecticut $368 $489

Why is silver plan more expensive than gold?

Cost-sharing subsidies can make Silver better than gold The cost-sharing subsidies are baked into Silver plans for eligible enrollees, and they result in coverage that’s got higher AV than a typical Silver plan. In many cases, cost-sharing subsidies result in Silver plans that are more robust than Gold plans.

Which is costly diamond or platinum?

Which is the most expensive, gold, diamond, or platinum? ďƒ˜ Platinum jewellery is always more expensive than gold jewellery due to its unique and rare qualities, but diamond jewellery is most expensive of all.