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Platinum Plans: Good for People Who Expect to Get 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 see them offered.
If a health insurance company in your area offers 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 most expensive premiums, so you pay the most for coverage each month.
Gold Plans: Good for People Who Want 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 get 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 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 don’t want to pay very high deductibles but also don’t want to pay high premiums, a silver plan might be a savvy choice. Silver plans have lower out-of-pocket costs than bronze plans and lower premiums than platinum and gold plans, which make them a good compromise.
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 Who Need 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 want the cheapest health plans that still offer comprehensive coverage, a bronze plan could be a smart option.
Some health insurance companies also offer “expanded bronze” plans. These plans feature higher coinsurance levels for in-network care (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 Plan to Need Healthcare
The ACA marketplace offers catastrophic health insurance to people under age 30 and those who have 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 health plans is that they don’t have coinsurance. Instead, you’ll have to deal with an extremely high deductible when you receive care. Once you’ve paid that deductible, a catastrophic plan pays the rest of your in-network healthcare costs for the year.