There are five available plan groups, Catastrophic, Bronze, Silver, Gold, and Platinum.
Catastrophic Plan: There are several qualification for this plan which include being under 30 years of age, or in a “hardship exemption” (meaning it has been determine you can afford the buy health coverage) Although this will be the lowest cost plan (assuming you qualified), the out-of-pocket co-payments and deductibles will be high.
The Bronze plans – This is the lowest cost of the standard plans. Lower premium cost will also translate into a smaller allowed coverage. The actuarial value, meaning the amount of coverage the insurance company will pay on your behalf is 60%. In other words, if you have a $100 medical bill the insurance company will be $60 and you will be responsive for the $40 balance.
The silver plans – This plan is slightly more expensive then the Bronze plan. However, it will get you a 70% actuarial value. Meaning you will pay out of pocket 30% with the insurance company covering the 70%.
The Gold plans – The Gold Plan is a bit more expensive than the Silver plan. At an 80% actuarial value, means that the Insurance company will cover 80% of your medical expenses, you will need to pay the 20% balance.
The platinum plans – The Most expensive plan is the Platinum. This means that you will get a higher actuarial value, in this case 90%. This means you need to come up with just 10% of the cost while the insurance company coverage the rest.
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