Platinum Plans: Good for People Who Expect to Get Regular 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 see them offered.
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 several costly prescriptions. These plans have low health insurance deductibles and coinsurance, so you pay lower amounts 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 Costs
Gold plans have lower out-of-pocket costs than silver or bronze plans, but they come with higher health insurance premiums. If you expect to 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 balance 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 Are Looking to Balance Premiums and Out-of-Pocket Costs
If you want to avoid very high deductibles but also don’t want to spend a fortune on 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 middle ground.
Silver and bronze plans are the most common ACA plans offered, so you shouldn’t have a problem finding a silver plan in your region.
Bronze Plans: Good for People Looking for the Lowest Premiums
Bronze plans are a top option if you don’t use healthcare often and want the cheapest monthly premium payment. The trade-off is that bronze plans have higher out-of-pocket costs when you receive healthcare.
If you’re looking for the cheapest health plans that still offer comprehensive coverage, a bronze plan could be the best choice.
Some health insurance companies also sell “expanded bronze” plans. 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 facing severe economic issues like homelessness. If you qualify 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 reach that deductible, a catastrophic plan pays the rest of your in-network healthcare costs for the year.