How To Insurance | 015 | What is the difference between Bronze, Silver and Gold Health Plans
Hi, I’m Peter!
Welcome to HOW TO INSURANCE
Helping YOU understand insurance, building CONFIDENCE for your future!
Today, we are talking about...
What is the difference between Bronze, Silver and Gold Health Plans
If you’ve ever watched the Olympics, you know that the winners of the competition will receive a gold, silver or bronze metal based on what place they finished in. So the idea of gold being the best, then silver and bronze can make sense to us.
However, when it comes to healthcare plans, the different tiers of gold, silver and bronze don’t indicate which plan offers the best healthcare, but rather what the financial commitment is.
It would be easy to get confused and think that if you have a bronze plan, that you won’t get as good of medical benefits...but that’s a misunderstanding.
All metal tiers will offer the same benefits.
The metal tiers of gold, silver and bronze (and some states even have a platinum) indicate how much you pay vs how much the healthcare plan pays!
So...
What is the difference between Bronze, Silver and Gold Health Plans
BRONZE plans
Plan pays 60% of the costs
You pay 40% of the costs
lower monthly premium
SILVER plans
Plan pays 70% of the costs
You pay 30% of the costs
medium size monthly premium
GOLD plans
Plan pays 80% of the costs
You pay 20% of the costs
higher monthly premium
All plans will also come with different amounts for co-pays, deductibles and out-of-pocket maximums.
Here is one last rule of thumb…
You basically have 2 choices:
Pay more in monthly premium and less when you need medical attention OR
Pay less in monthly premium and more when you need medical attention
It can get really confusing… but it’s important to run through some possible scenarios so you are prepared for what your medical bills might be.
Definitely ask an insurance broker, like myself, to help explain it to you, as you shop and enroll in a health plan!
Open Enrollment ends on December 15, if you’d like your plan to start January 1, 2020… so act fast now!
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Contact me at peter@appleinsurancesolutions.com
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build confidence for your future.
Thank you for reading HOW TO INSURANCE
Helping YOU understand insurance,
building CONFIDENCE for your future!
Insurance Broker
Apple Insurance Solutions
360.818.4865 | appleinsurancesolutions.com
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