Bronze, Silver, Gold, and Catastrophic are coverage levels. A health plan’s coverage level represents the expected portion of total health care costs a health insurance ccompany will pay. This is also referred to as the plan’s actuarial value. These coverage levels are indicated by metal tiers, as described below. If you qualify for financial help through the Marketplace in the form of Premium Tax Credits, you can apply that financial assistance to any one of the metal tier plans, except for the Catastrophic plans. If you also qualify for Cost-Sharing Reductions, it is automatically applied when you select a Silver tier plan.
-Bronze Plan: 60% of total health care costs will be paid by the health insurance carrier, 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: 70% of total health care costs will be paid by the health insurance carrier, meaning the consumer will be responsible for approximately 30%. Customers eligible for Premium Tax Credits, may be eligible for additional financial assistance in the form of Cost-Sharing Reductions. .
-Gold Plan: 80% of total health care costs will be paid by the health insurance carrier, meaning the consumer will be responsible for approximately 20%.
-Catastrophic Plan: A plan 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 generally has a low monthly premium and only covers a limited amount of benefits. Learn more about catastrophic plans in our Glossary.