Finding the right health insurance plans for individuals can often require comparing through thousands of plans from different providers all by yourself. Without the guidance of a licensed health insurance representative can often leave you guessing which policies will work best for you and your family.
Depending on how much coverage you need and how you plan on using your health insurance can determine the category plan you purchase.
Five Health Insurance Plan Categories
There are five categories, or “metal levels,” of coverage when you buy a plan. Each plan covers a different amount of the total cost for care, taking into account monthly premiums, deductibles, copayments, coinsurance, and out-of-pocket maximums as follows:
- Bronze: Your health plan pays 60 percent of cost. You pay the remaining 40 percent .
- Silver: Your health plan pays 70 percent of cost. You pay the remaining 30 percent .
- Gold: Your health plan pays 80 percent of cost. You pay the remaining 20 percent .
- Platinum: Your health plan pays 90 percent of cost. You pay the remaining 10 percent .
- Catastrophic: Your health plan pays 60 percent of the total average cost of care. This plan is only available to people under 30 years old or have hardship exemption.
It's important to note that no matter which category you get, it does not affect the quality or amount of care you receive.
What to Consider When Choosing an Individual Health Plan Category
The following is a list of considerations you should review when deciding which category of health insurance plans for individuals you should buy:
- If you expect a lot of doctor visits or need regular prescriptions, you may want to consider the Gold or Platinum plans.
- If you don't expect to use regular medical services and don't take regular prescriptions, you may want to consider the Silver, Bronze, or Catastrophic plans.
- If you qualify to save on out-of-pocket costs, you may want to consider the Silver plans.
- If you're under 30 years of age or have a hardship exemption and want low monthly premiums, you may want to consider the Catastrophic plan.
As you can tell, there's a lot to consider when choosing a plan category, and at HealthMarkets Insurance Agency, we can help you make the right choice. We compare thousands of health insurance plans for individuals and find the category that best matches your unique health needs.
Our representatives are knowledgeable of your insurance options, and can help you find coverage within your budget. Call us today to see how HealthMarkets can find a health plan for you (800) 360-1402.