Which Obamacare Metal Plan Should You Choose?

WHICH OBAMACARE METAL PLAN SHOULD YOU CHOOSE? Under the Affordable Care Act (Obamacare), qualified health insurance plans are divided into five actuarial levels known as the metal plans: BRONZE SILVER GOLD PLATINUM CATASTROPHIC These levels have nothing to do with quality and everything to do with cost-the average cost paid by the plan. CONSUMER MARKETPLACE DECISIONS 20% selected a Bronze plan 65% selected a silver plan 4% selected a gold plan 9% selected a Platinum plan 2% selected a Catastrophic plan 85 percent $328 of Marketplace shoppers selected a plan with financial assistance the average monthly premium for a silver plan before subsidies Average 27-year-old, no tax credits $163 $203 $240 $129 lowest bronze lowest silver lowest gold lowest catastrophic 27-year-old, $25,000 income Family of four, $50,000 income $93 $245 $145 $95 $774 $145 lowest bronze after tax credit second-lowest silver before tax credit second-lowest silver second-lowest silver before tax credit second lowest silver after tax credit lowest bronze after tax credit after tax credit LEAST EXPENSIVE REGION: MOST EXPENSIVE REGION: Colorado Mountain Resort Region-home of Vail and Aspen ski resorts Minneapolis-St. Paul $154 $483 least expensive silver plan premium least expensive silver plan premium SIMILARITIES DIFFERENCES O Fulfill individual mandate O Monthly premium O Include medical services in Average percentage of cost paid by plan and consumer the 10 essential health benefits categories O Cover certain preventive O Premium tax credit and cost-sharing subsidy eligibility services at no additional cost O Cannot deny applicants coverage or charge them more based on health history Which plan is right for you depends on how you use the health care system and what you can afford to pay for monthly premium and out of pocket for medical services. Determine which metal might be your match Are you younger than 30? No Yes In a typical year, do you visit Do you qualify for a hardship exemption? the doctor for more than preventive care? Yes No Yes No In a typical year, do you frequently see a doctor or use prescription drugs? No Yes Do you qualify for additional cost-sharing subsidies? Do you have chronic health conditions? No Yes No Yes BRONZE PLAN SILVER PLAN GOLD PLAN Your health insurance plan pays about 60 percent of covered medical expenses, and you pay about 40 percent. Your health insurance plan pays about 70 percent of covered medical expenses, and you pay about 30 percent. Your health insurance plan pays about 80 percent of covered medical expenses, and you pay about 20 percent. Bronze may be your plan if: Silver may be your plan if: Gold may be your plan if you: You typically use the doctor for preventive care and a few additional medical services throughout the year o You typically use the doctor for preventive care Frequently use medical services o Do not regularly use prescription drugs o Routinely take prescription drugs Do not regularly use prescription drugs Bronze plans qualify for income-based premium tax credits. Gold plans qualify for income-based premium tax credits. Your family size and income (up to 250 percent of the federal poverty level) qualifies you for cost-sharing subsidies that help cover your deductibles, coinsurance, co-payments, and total out-of-pocket spending limits Silver plans qualify for income-based premium tax credits. CATASTROPHIC PLAN PLATINUM PLAN If you are under 30 or qualify for a hardship exemption, this may be your plan. Your health insurance plan pays about 90 percent of covered medical expenses, and you pay about 10 percent. Catastrophic plans help protect you from high medical bills due to unexpected accidents or illnesses and: Platinum may be your plan if you: Have chronic health conditions Typically come at a lower monthly premium o Frequently use medical services Often carry a higher deductible that must be met before most Routinely take prescription drugs benefits begin Include three annual primary care visits and certain preventive services before the deductible Platinum plans qualify for income-based premium tax credits. o Include essential health benefits after the deductible Do not qualify for premium tax credits or cost-sharing subsidies. Your eligibility will be determined when you apply for coverage. BEFORE YOU BUY: A general rule of thumb: The lower your monthly premium, the higher your deductible and out-of-pocket expenses. Don't shop on monthly premium alone. When making your selection, balance the premium required with the level of protection you want and need. NEED HELP CHOOSING THE RIGHT PLAN FOR YOUR NEEDS? Visit www.Healthcare.com to get personalized recommendations. Find Plans Now POWERED BY HealthCare.com" Healthcare Made Simple