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Platinum Plans: Good for People Who Expect to Get 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 sells platinum plans, these types of plans may work for you if you need regular healthcare and multiple costly prescriptions. Platinum plans have low health insurance deductibles and coinsurance, so you pay lower amounts when you need healthcare. But they also have the most expensive premiums, so you pay the most to have 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 need regular healthcare, a gold plan could be a good option since you will pay less when you need care than if you have a silver or bronze plan.
You’ll want to consider 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 don’t want to pay very high deductibles but also don’t want to pay high 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 compromise.
Silver and bronze plans are the most common ACA plans offered, so you shouldn’t have a problem buying a silver plan in your area.
Bronze Plans: Good for People Who Desire the Lowest Premiums
Bronze plans are an excellent 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 need the cheapest health plans that still offer comprehensive coverage, a bronze plan could be a smart option.
Some health insurers also sell “expanded bronze” plans. These plans come with 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 Plan to 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 the low monthly premium but watch out for the high out-of-pocket costs.
One thing that makes catastrophic plans different from other health insurance policies is that they don’t have coinsurance. Instead, you’ll pay an extremely high deductible when you receive 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.