When you are shopping on the marketplace for health insurance coverage, you’ll notice that plans are grouped into three categories: Bronze, Silver, and Gold. These metallic categories represent the levels of coverage that plans provide, on average, over time. Generally, low-coverage plans (Bronze) have low monthly premiums and higher out-of-pocket costs. High-coverage plans (Gold), meanwhile, have higher monthly premiums and low out-of-pocket costs.
- Bronze plans cover 60% of costs.
- Silver plans cover 70% of costs.
- Gold plans cover 80% of costs.
You will be responsible for paying the remaining percentage for your covered health care services. Here’s an example based on these cost-sharing percentages:
You select a Silver-level plan and receive care that costs $1,000. Your plan covers $700 of the cost, and you must pay $300 out-of-pocket.
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