Platinum Plans: Good for People Who Expect to Need Frequent Healthcare
Platinum plans are the most expensive ACA marketplace plans and they’re also the hardest to find. Less than 10% of ACA plans are platinum plans, so there’s a good chance you might not even be able to buy one.
If a health insurance company in your area sells platinum plans, these types of plans may work for you if you need frequent healthcare and multiple expensive prescriptions. These plans have low health insurance deductibles and coinsurance, so you pay less when you need healthcare. But they also have the highest premiums, so you pay the most for your coverage each month.
Gold Plans: Good for People Who Need 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 need regular healthcare, a gold plan could be a smart option since you will pay less when you receive care than if you have a silver or bronze plan.
You’ll want to consider the monthly 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 want to avoid very high deductibles but also don’t want to pay high premiums, a silver plan might be the right fit. 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 area.
Bronze Plans: Good for People Who Desire the Lowest Premiums
Bronze plans are an excellent option if you don’t use healthcare often and want the cheapest coverage. The downside is that bronze plans have higher out-of-pocket costs when you get healthcare.
If you want the cheapest health plans that still offer comprehensive coverage, a bronze plan could be right for you.
Some health insurers also have “expanded bronze” policies. These plans have higher coinsurance levels for in-network costs (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 Often Need Healthcare
The ACA marketplace offers catastrophic health insurance to people under age 30 and those dealing with severe economic issues like homelessness. If you’re eligible for a catastrophic plan, you may like its low costs but be prepared for the high out-of-pocket costs.
One thing that makes catastrophic plans different from other options is that they don’t have coinsurance. Instead, you’ll pay an extremely high deductible when you get medical care. Once you’ve paid that deductible, a catastrophic plan pays the rest of your in-network healthcare costs for the year.