Your insurance costs depend on a lot of things like where you live, your age, how many people are in your family, the services you need, and whether you smoke. And your income determines whether the federal government will help you pay for your insurance.
What you pay also depends on which category of insurance you choose in the marketplace: bronze, silver, gold, or platinum. In bronze and silver plans, you might pay a lower monthly charge, called a “premium,” but you might have to pay a higher cost later when you use the insurance. The opposite happens when you buy gold and platinum plans; they tend to have higher premiums and lower out-of-pocket costs.
Here’s an idea of what those costs might look like, on average:
- In a bronze plan, insurers pay for 60 percent of the charge for medical services; patients, 40 percent.
- In a silver plan, insurers pay for 70 percent; patients, 30 percent.
- In a gold plan, insurers pay for 80 percent; patients, 20 percent.
- In a platinum plan, insurers pay for 90 percent; patients, 10 percent.
You won’t know your costs for sure until you fill out a marketplace application. But until then, you can get a rough idea using this calculator tool created by the Kaiser Family Foundation.
And remember, regardless of whether a plan is bronze, silver, gold, or platinum, don’t forget to check out the other details besides costs, like the kind of insurance and the doctor and hospital networks. Those things are important to keep in mind when comparing your options and choosing a plan that works for you and your family.
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