What are Bronze, Silver, and Gold Plans?

Here in the US, many people rely on the health insurance system to help cover health insurance costs. A health insurance plan ensures that one would not have to pay out of one’s own pocket if ever one encounters a medical emergency or would have to undergo a medical procedure.

Health plans can vary from company to company, and plan to plan, depending on the coverage options selected. Health insurance differs not just in cost of its monthly premiums, but also in the kinds of procedures and cases it can cover and how much of the amount of the expenses the insurance company promises to pay.

What are bronze, silver, and gold plans?

Many of our clients have found themselves asking, “What are bronze, silver, and gold health insurance plans?” or “Which one should I get for myself and/or my family?”

Having levels or tiers of insurance coverage is a common industry practice among insurance companies to easily tell its insured clients the kinds of coverage they offer. Let’s go over them and see how they are different from each other.

Bronze plans

A bronze plan is the lowest tier in the coverage ladder. If you have a bronze plan, the insurance company will only pay for, at most, sixty percent (60%) of the costs you need to pay for a health procedure or an emergency. This means that forty percent (40%) of the costs will have to be shouldered by you.

Bronze plans will cost you higher payments out of pocket when you eventually need to go to the doctor, but it also means that you will pay lower costs every month for the premiums.

Silver plans

Silver plans cover a higher percentage of the healthcare costs at seventy percent (70%), which means that you would only have to pay for thirty percent (30%) of the amount of the procedure. Of course, this also means that monthly premium costs are higher than if you only are under a bronze plan.

However, many insurance companies offer different perks and added services if you choose a higher plan than bronze, like a silver plan. Some reduce costs through cost-sharing benefits while others provide you with discounts or free services depending on the insurance company.

Gold plans

Lastly, gold plans cover up to eighty percent (80%) of the cost of healthcare (the highest of all plans) and will leave you with only 20% to pay yourself. However, this means that you will have to pay the highest monthly premiums of the three tiers.

While it may cost higher, it also relieves you of the burden of shelling out money out of pocket when you need to use your health insurance, especially for higher costing medical procedures and medical emergencies. Basically, you’re not just paying monthly for the coverage you will eventually need, but for the peace of mind you will have to maintain if health crises or accidents occur.

Our role in helping you

There are many options to consider when selecting a health insurance plan. The metal tier system helps you quickly categorize plan offerings to help narrow down your selection.

We all hope that we never have to need insurance, but when we eventually do, we want to have the best coverage our money can afford. The Skyline Insurance Agency team helps people like you and their families get insurance coverages independent of employment, and understand the differences insurance companies and their programs have to offer.

Questions like “What are bronze, silver, and gold plans?” would no longer stump you as we provide you options to secure a plan that fits your budget and your priorities. Talk to us about how we can get insurance companies to offer you the best deal you can get.