Platinum Plans: Good for People Who Need Frequent Healthcare
Platinum plans are the priciest ACA marketplace plans and they’re also the most rare. 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 region sells platinum plans, these types of plans may work for you if you need regular healthcare and multiple expensive prescriptions. Platinum plans have low health insurance deductibles and coinsurance, so you pay less 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 Want Lower Out-of-Pocket Expenses
Gold plans have lower out-of-pocket costs than silver or bronze plans, but they come with higher health insurance premiums. If you 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 consider the cost of premiums with the 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 don’t want to pay very high deductibles but also don’t want to pay high premiums, a silver plan might be a smart option. Silver plans have lower out-of-pocket costs than bronze plans and lower premiums than platinum and gold plans, which make them a good balance.
Silver and bronze plans are the most common ACA plans offered, so you shouldn’t have a problem getting a silver plan in your region.
Bronze Plans: Good for People Who Desire the Lowest Premiums
Bronze plans are a top option if you don’t use healthcare often and want the cheapest monthly premium payment. The downside is that bronze plans have higher out-of-pocket costs when you go to the doctor or get prescriptions.
If you want the cheapest health plans that still offer comprehensive coverage, a bronze plan could be the best choice.
Some health insurance companies also have “expanded bronze” plans. These plans come with higher coinsurance levels for in-network care (up to 65%) than standard bronze plans (average of 60%).
More: Bronze, silver, gold or platinum health insurance
Catastrophic Plans: Good for Young People Who Don’t Plan to Need Healthcare
The ACA marketplace offers catastrophic health insurance to people under age 30 and those facing severe economic issues like homelessness. If you’re eligible for a catastrophic plan, you may like its low costs but beware of the high out-of-pocket costs.
One thing that makes catastrophic plans different from other health insurance policies is that they don’t have coinsurance. Instead, you’ll have to deal with an extremely high deductible when you receive 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.
