On Health Insurance Market Plan Categories

Accidents and illnesses are both unwanted and unpredictable, and that’s why it doesn’t hurt to be prepared for the worst. Medical insurance will be very beneficial during times of health crises, and it will help cover the exorbitant amount of expenses that come with medical care.

With the number of conditions and options to consider, choosing the right insurance plan in the Health Insurance Marketplace may prove difficult. The health plans are categorized into 5 types: bronze, silver, gold, platinum and catastrophic. While the category that the health plan belongs to has no bearing to the quality of the medical care you will receive, these classifications are used to determine how much money you will have to contribute from your own finances and how much of the costs will be covered by the insurance company.

The 5 Marketplace Insurance Categories:

Bronze: Your health plan covers about 60% of the costs

Silver: Your health plan covers about 70% of the costs

Gold: Your health plan covers about 80% of the costs

Platinum: Your health plan covers about 90% of the costs

Catastrophic: Less than 60% of the total cost will be covered by your insurance. This type of health plan is only available to people under the age of 30 or have a hardship exemption.

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