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Platinum Plans: Good for People Who Expect to Need Frequent Healthcare
Platinum plans are the priciest 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 region offers platinum plans, these types of plans may work for you if you need frequent healthcare and several expensive prescriptions. These plans have low health insurance deductibles and coinsurance, so you pay less when you receive healthcare. But they also have the highest premiums, so you pay the most for your coverage each month.
Gold Plans: Good for People Who Need 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 expect to get regular healthcare, a gold plan could be a good option since you will pay less when you need care compared to a silver or bronze plan.
You’ll want to balance the monthly 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 Who Want the Lowest Premiums
Bronze plans are an excellent option if you don’t use healthcare often and want the cheapest coverage. The trade-off is that bronze plans have higher out-of-pocket costs when you get 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 come with 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 watch out 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 have to deal with an extremely high deductible when you get medical care. Once you’ve spent that deductible amount on healthcare, a catastrophic plan pays the rest of your in-network healthcare costs for the year.