In addition to reviewing health insurance quotes, you can check to see if you qualify for an insurance subsidy. The site categorizes insurance plans into metal tiers. Each metal level represents your health care costs and also how expensive your premiums will be.
The four metal levels are bronze, silver, gold and platinum. In addition to these, there is also an option called a “catastrophic” plan. This type of plan does not count as insurance according to the rules set by the ACA, but it helps provide some coverage in the event of an emergency.
Bronze – You pay 40 percent and the insurance pays 60 percent of the costs. Bronze health insurance has the lowest premium but the highest costs for services. These are good plans if you do not require regular visits for medical care.
Silver – You pay 30 percent and the insurance pays 70 percent of the costs. Silver plans are middle of the road plans meaning their costs are between high and low. Both your premium and out-of-pocket costs will be moderate.
Gold – You pay 20 percent and the insurance pays 80 percent of the costs. Premiums for gold insurance plans are high, but your costs for care are low. If you require a lot of medical care, these plans cover more, so your out-of-pocket fees a minimal.
Platinum – You pay 10 percent and the insurance pays 90 percent of the costs. Platinum plans have the highest premiums with the lowest deductibles. The high monthly costs may be worth the price if you require medical attention frequently.
Subsidy eligibility and amounts vary by your income, location, tobacco use, and people in your family. The lower your income is, the higher your credit will be. Bigger families get higher amounts to cover their family plans.
If you use tobacco, you may qualify for a higher subsidy, but your insurance premium will also be higher.
Your location will determine which plans are available for you and at what price. Your subsidy will consider the costs of plans in your area.
If you are elderly or have a very-low-income, you may be able to sign up for a free or low-cost insurance plan.