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10 Things To Check When You’re Enrolling in Health Insurance

GOBankingRates Logo By Cynthia Measom of GOBankingRates | Slide 2 of 11: If you sign up for a healthcare plan through Healthcare.gov, you’ll have a choice of four metal categories: platinum, gold, silver or bronze. But what do each of those levels mean? According to Healthcare.gov, the metal categories are based on how you and your plan divvy up the overall cost of your healthcare and have nothing to do with the quality of care you’ll receive. Fran Majidi of SmartFinancial Insurance has some additional insight: “As you may have guessed, the value of each of these metals is reflected in the depth of coverage and price of the health plans you’ll find in the marketplace,” she said. “This means that premiums for platinum healthcare plans will cost the most in monthly premiums, but they will also cover more of your healthcare needs, so you don’t pay as much out-of-pocket when you see doctors and specialists. You’ll also pay less for treatments and surgery. For bronze health plans, you pay very little monthly, but when you visit a doctor, you pay more than you would with a higher-tier plan. The difference between the value of each tier is important to keep in mind when you choose your health plan. Otherwise, you may not be making the best decisions that result in savings …” See: 10 Companies That Offer Health Insurance to Part-Time Employees

The Four Categories of Healthcare Plans

If you sign up for a healthcare plan through Healthcare.gov, you’ll have a choice of four metal categories: platinum, gold, silver or bronze. But what do each of those levels mean? According to Healthcare.gov, the metal categories are based on how you and your plan divvy up the overall cost of your healthcare and have nothing to do with the quality of care you’ll receive.

Fran Majidi of SmartFinancial Insurance has some additional insight:

“As you may have guessed, the value of each of these metals is reflected in the depth of coverage and price of the health plans you’ll find in the marketplace,” she said. “This means that premiums for platinum healthcare plans will cost the most in monthly premiums, but they will also cover more of your healthcare needs, so you don’t pay as much out-of-pocket when you see doctors and specialists. You’ll also pay less for treatments and surgery. For bronze health plans, you pay very little monthly, but when you visit a doctor, you pay more than you would with a higher-tier plan. The difference between the value of each tier is important to keep in mind when you choose your health plan. Otherwise, you may not be making the best decisions that result in savings …”

See: 10 Companies That Offer Health Insurance to Part-Time Employees

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