The first step to shopping health plans during open enrollment is figuring out which category will have the best health insurance plans for you. Marketplace health insurance plans are divided into four ‘metal’ categories: bronze, silver, gold, and platinum. Plans are grouped into these categories based on how costs are shared between you and the insurance company on the plan; this makes it easy to narrow down your options based on your and your family’s budgetary needs and health care needs.
Here’s an example:
With a plan in the silver category, you pay 30% and the insurance company pays 70%. Your monthly premium (what you pay each month for coverage) will cost more than a bronze plan, but your cost of care (what you have to pay out-of-pocket when you or someone on your plan needs care) and your deductible (the amount you have to pay for covered services before the insurance company will start covering the costs) will be less.
To see how all four categories break down in terms of costs and coverage, take a look at this infographic:
Now that you’ve got the scoop on bronze, silver, gold, and platinum plans, you can get started comparing health insurance plans from top-rated carriers online. If you still need help figuring out which category is right for you, or if you’d simply like to run your health insurance questions by an expert, we can help! Give us a call at 1-877-GO-DIRECT or stop by your local Direct store to get free one-on-one assistance during open enrollment.