Types of Plans
Choosing the right health coverage is easier once you learn about the differences among Obamacare plans.
The Affordable Care Act (ACA) has simplified health plans into four “metal” tiers of coverage. They consist of the following:
- Bronze Plans
- Silver Plans
- Gold Plans
- Platinum Plans
All four of the plans offer the exact same level of quality health care. In fact, by law, every Obamacare plan must at least provide for the Ten Essential Health Benefits. These benefits include: 1) ambulatory care; 2) emergency services; 3) hospital coverage; 4) maternity and newborn care; 5) pediatric services (including dental and vision); 6) mental health and addiction treatment; 7) prescription drug benefits; 8) rehabilitative coverage; 9) laboratory services; and 10) preventative services and chronic disease management.
The difference among all four plans has to do with how much they cost. In general, Bronze plans charge less upfront per month, but cost you more out-of-pocket when you need care. On the other end of the spectrum, Platinum plans have a higher monthly rate, but you pay less out-of-pocket — for expenses such as deductibles, coinsurance, and copayments — when needing care.