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When looking for a plan through the health insurance marketplace you will notice the plans fall not only into categories of providers but of “tiers” as well. The tiers are made up of bronze, silver, gold and platinum. The tiers are a representation of what you can expect to pay for your overall health cost’s.
Bronze – Covers 60% of medical costs
Silver – Covers 70% of medical costs
Gold – Covers 80% of medical costs
Platinum – Covers 90% of medical costs.
For example a Platinum plan generally will have a lower deductible but a higher premium cost. A bronze plan would have the lowest premiums. Levels are based on the percentage the plan pays of the average overall cost of health benefits.
This article was written by Patrick, a contributing writer and employee of The Health Insurance Specialists Inc.
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