How to choose which metal category to go with:
Metal categories are based on how the consumer and insurance plan split the costs. Based on which category you go with, you’ll pay a certain percentage every year for care and your insurance company will pay the rest. Your costs include everything from premiums, deductibles, copayments and coinsurance.
The metal categories in the Health Insurance marketplace include: Bronze, Silver, Gold, and Platinum. These levels do not dictate the quality of care you receive.
According to healthcare.gov:
The Bronze plan: The insurance company will pay 60% and you will pay 40%
The Silver plan: The insurance company will pay 70% and you will pay 30%
The Gold plan: The insurance company will pay 80% and you will pay 20%
The Platinum plan: The insurance company will pay 90% and you will pay 10%
So how does each metal tier work?
Bronze plan
Lowest monthly premium
Highest costs when you need care
Bronze plan deductibles — the amount of medical costs you pay yourself before your insurance plan starts to pay — can be thousands of dollars a year.
This plan is best if you are looking for a cheaper way to protect yourself from a “worst-case scenario” like serious sickness or injury. This means that the monthly premium will be low but you will have to fork over a lot of money if you end up in the hospital.
Silver
Moderate monthly premium
Moderate costs when you need care
Silver deductibles — the costs you pay yourself before your plan pays anything — are usually lower than those of Bronze plans.
This plan is great for you if you qualify for extra savings. Or, if you can afford to pay a higher monthly premium to have your routine care covered for.
Gold
High monthly premium
Low costs when you need care
Deductibles — the amount of medical costs you pay yourself before your plan pays — are usually low.
This plan is perfect for someone who uses a lot of care each year. You will pay a higher premium each month to have more of your medical treatment covered.
Platinum
Highest monthly premium
Lowest costs when you get care
Deductibles are very low, meaning your plan starts paying its share earlier than for other categories of plans.
This plan is perfect for someone who can pay a higher premium. Almost all of their care will be covered.
Depending on your lifestyle, budget, and needs, Cosmo can help you navigate the metal tiers and help you choose the right one for you.
Cosmo Insurance Agency is located in Bergen and Ocean County in New Jersey. Cosmo is made up of a team of brokers who are educated on health insurance, life insurance, long term care insurance, and disability insurance. Open enrollment is around the corner. Cosmo Insurance is here to answer all of your questions about health insurance plans. We want to give you the service you deserve and get you the health insurance plan you deserve.
If you live in New Jersey, reach out to Cosmo and set up a meeting today. Come to us or we can travel to you!
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