The Affordable Care Act Insurance Marketplace has four (4) plans that offer the same set of essential health benefits. The four different plans does not reflect the quality or amount of care the plans provide. The four insurance plans for Affordable Care Act are:
- Bronze Plan (lowest monthly premium rates but highest cost to see a doctor)
- Silver Plan
- Gold Plan
- Platinum Plan (highest monthly premium rates but lowest cost to see a doctor)
The category you choose determines the amount of premium you pay each month. Gold and Platinum insurance plans have higher monthly rates but lower costs when you go to the doctor or use another medical service. With a lower priced plan like the Bronze plan, you’ll pay a lower premium rate, but you’ll pay a higher share of costs when you do get care.
The most important question when considering which plan to choose is the amount of medical services (doctor visits, surgery, medications, etc) you expect you need. If you expect a lot of doctor visits and regular prescriptions then it would be better to go with a Gold or Platinum plan.