Health plans are categorized as Bronze, Silver, Gold, Platinum or Catastrophic. What does this mean?

Bronze, Silver, Gold, and Platinum are Coverage Levels. A health plan’s coverage level represents the expected portion of total health care costs a health insurance company will pay. This is also referred to as the plan’s actuarial value. These coverage levels are indicated by metal level, as described below. If you qualify for financial assistance through Connect for Health Colorado┬áin the form of an Advance Premium Tax Credit (APTC), you can apply that financial assistance to any one of the metal tier plans, but not to the Catastrophic plans. If you also qualify for Cost-Sharing Reductions (CSR), you can only apply that financial assistance to a Silver tier plan.

-Bronze Plan: Approximately 60% of total health care costs will be paid by the health insurance company, meaning the consumer will be responsible for approximately 40%. Bronze plans generally have the lowest premiums and the highest levels of cost-sharing (deductibles, co-payments, etc.). Individuals who don’t utilize health services often may find a Bronze plan is the best fit for them.

-Silver Plan: Approximately 70% of total health care costs will be paid by the health insurance company, meaning the consumer will be responsible for approximately 30%.

-Gold Plan: Approximately 80% of total health care costs will be paid by the health insurance company, meaning the consumer will be responsible for approximately 20%.

-Platinum Plan: Approximately 90% of total health care costs will be paid by the health insurance company, meaning the consumer will be responsible for approximately 10%. Platinum plans generally have the highest premiums and the lowest levels of cost-sharing (deductibles, co-payments, and coinsurance). Individuals who utilize health services frequently may find a Platinum plan is the best fit for them.

-Catastrophic Plan: A fifth kind of plan is available to individuals under the age of 30 at the start of the plan year, and may be offered to those who receive a hardship exemption. This plan is called a Catastrophic Plan, and generally has a low monthly premium and only covers a limited amount of benefits. In Colorado, the Catastrophic Plan that is available is called the Colorado Young Adults (CYA) Plan. Learn more about CYA Plans.

Related FAQs:
What health insurance plans are offered through Connect for Health Colorado?