Get extra savings on health insurance with a Silver plan

Published on November 13, 2015

When you apply for health coverage through the Health Insurance Marketplace®, you’ll find out if you qualify for savings. You may be eligible for a

Important: You can use a premium tax credit for a Marketplace health plan in any

"category"

Levels of plans in the Health Insurance Marketplace®: Bronze, Silver, Gold, and Platinum. Categories (sometimes called “metal levels”) are based on how you and your insurance plan split costs. Categories have nothing to do with quality of care. (“Catastrophic” plans are available to some people.)

. However, if you qualify for cost-sharing reductions, you’ll only get these extra savings if you enroll in a Marketplace health plan in the Silver category.

Why choose Silver?

If you qualify for cost-sharing reductions, a Silver plan may be the best overall value. Even if your monthly premium is higher than some other plan options, additional benefits could save you more down the road, like:

• You’ll have a lower deductible with a Silver plan. This means the insurance company starts paying its share sooner. As an example, a Silver plan may start paying after you spend $300 on medical services yourself, compared to $750 if you enrolled in a plan in a different category.
• You’ll have lower copayments or coinsurance — like $15 per doctor’s visit instead of $30 you might pay with another plan type.
• Your total costs out of pocket might be lower too, if you need a lot of care in a year.

So with a Silver plan, your "total cost of care" — when you add up your premium, your deductible, and other out-of-pocket costs — may be significantly lower. This means you’ll save a lot of money overall.

Learn more about how to save on out-of-pocket costs with a Silver plan.

Ready to apply?

• Start an application or log in to an existing application.
• Get a preview of 2016 health insurance plans and see if you qualify for lower costs before you apply.
• Remember: If you want your coverage to start on January 1, you must enroll by December 15.