ACA-Qualified Metal (Platinum, Gold, Silver, Bronze) Plans
ACA health plans are categorized into four categories (or metal tiers) based on the actuarial value (percentage of coverage). Typically, the actuarial value is the percentage paid by a carrier for ACA-approved health services.
Silver - 70% Actuarial Value
Gold - 80% Actuarial Value
Platinum - 90% Actuarial Value
Bronze Plans – offer the lowest premiums, in general, but have the highest deductibles, copays, and coinsurance, as a result. Bronze plans also typically result in higher limits on out-of-pocket costs. Bronze plans are popular for those who are generally healthy and rarely need medical care, can afford to pay reasonable out-of-pocket costs, and are mostly concerned about the financial impact of an unexpected, major medical event.
Platinum Plans – have the highest premiums, but have lower deductibles, smaller copays, and coinsurance. Platinum plans typically have the lowest out-of-pocket limits. Platinum plans are popular for those who seek frequent medical attention.
Silver and Gold Plans – offer a middle ground of coverage costs when compared to Bronze and Platinum plans.