The Affordable Care Act brought in a slew of new changes that revolutionized American healthcare. Now, there are four categories, referred to as “metal categories,” that inform individuals and families about how they pay for their medical care.
It’s a lot easier than it sounds, and once consumers have worked out which one of the four categories they belong to, they can discover how to pay their medical costs, and how much their health insurance policy will cover. Here are the four metal categories in more detail.
1. Bronze
Consumers that fall under the bronze category will need to pay 40 percent of the total cost of their medical fees, while their insurance company pays the remaining 60 percent. These health insurance plans usually have the lowest premiums and highest deductibles.
2. Silver
Consumers that fall under the silver category will need to pay 30 percent of the total cost of their medical fees, while their insurance company pays the remaining 70 percent.
3. Gold
Consumers that fall under the gold category will need to pay 20 percent of the total cost of their medical fees, while their insurance company pays the remaining 80 percent.
4. Platinum
Consumers that fall under the platinum category will need to pay 10 percent of the total cost of their medical fees, while their insurance company pays the remaining 90 percent. These medical insurance plans usually have the highest premiums and lowest deductibles.
Other Considerations
Monthly insurance premiums are influenced by an individual’s salary, with those on low incomes often qualifying for savings on their medical fees and health care policies. People can find out which category they belong to by taking a quick test on HealthCare.gov. Health insurance plans only relate to how an individual will split the costs of his or her treatment and are not associated with the quality of care a patient will receive in a medical setting.
