Choosing a health insurance plan trough Marketplace can seem complicated and difficult. There are a lot of variables you need to pay attention to, and a lot of different benefits and disadvantages you need to account for. Not to mention your financial status that determinates which policy is most affordable to you and/or your family. That is why we bring you a list of main things you should keep in mind and know when you choose your health insurance.
Levels of health insurance
There are four levels (categories) of every coverage there is. Yes, every covering plan there is have additionally these four categories you will need to choose from. They are determining how high the percentage of your costs will be in comparison to the coverage your insurance will get you. Levels are:
- Bronze – where you need to pay 40% of your costs because your insurance will cover 60%
- Silver – where you are paying 30% of costs and the insurance plan pays 70%
- Gold – this will get you 80% of coverage and you will be paying 20%
- Platinum – is the most expensive and the best level of coverage and it gets you 90% of paid charges, where you only need to pay 10 %
How it works
These categories are not in any way connected to the quality of the care you will get. Those are only determined by how much you will pay and how much will your health insurance cover.
When you determine which type of insurance will you get (EPO, POS, PPO or HMO), then you will calculate which level of insurance is best suited to your needs and your financial status. The costs of coverages are displayed in percentages because it variates not just from the type of medical care you will receive, but also it is important to know does your medical provider falls under your network or not, did you met your deductible, how high is your premium, do your medical insurance needs of you to pay copay and/or coinsurance.