How to find the health insurance plan that’s right for you
The Health Insurance Marketplace is a new way for you to buy health insurance. In the Marketplace, there are 5 categories of health insurance plans based on how you and the plan can expect to share the costs of care.
- Bronze: Your plan pays 60%. You pay 40%.
- Silver: Your plan pays 70%. You pay 30%.
- Gold: Your plan pays 80%. You pay 20%
- Platinum: Your plan pays 90%. You pay 10%.
- Catastrophic: Coverage option if you are under 30 or have very low income.
These sharing figures are approximate, and apply to sharing to the plan as a whole. Your costs for individual services will vary.
Top things to know about choosing a plan
Here are 6 things to consider before choosing a health insurance plan:
The category you choose affects how much your premium costs each month and what portion of the bill you pay for things like hospital visits or prescription medications. It also affects your total out-of-pocket costs.
Plans in all categories offer the same set of 10 essential health benefits and the categories do not reflect the quality of care the plans provide.
When choosing your health insurance plan, keep this general rule of thumb in mind: the lower the premium, the higher the out-of-pocket costs when you need care; the higher the premium, the lower the out-of-pocket costs when you need care.
Think about the health care needs of your household when considering which Marketplace insurance plan to buy. Are you likely to need a lot of care? Or a little?
Other options like Medicaid or the Children’s Health Insurance Program (CHIP) may be available to you. The Marketplace also offers catastrophic plans to people under 30 years old and to some people with very low incomes.
Get ready for the Health Insurance Marketplace
When open enrollment starts on October 1, 2013, you’ll be able to apply, compare plans, and enroll in the Marketplace. Coverage starts as soon as January 1, 2014. Don’t wait, create your Marketplace account today!