Indiana health insurance Marketplace, also known as an Exchange, is a one-stop shop for affordable insurance. The Marketplace has tools to make it easy for you to compare your choices and pick the best for what you’re going to need.
On the Marketplace site, health plans are grouped by levels of coverage, how much the plan will pay for your health care and what services are covered.
Each level is named after a type of metal:
- Bronze
- Silver
- Gold
- Platinum
Bronze plans offer the least coverage and platinum plans offer the most.
How do the bronze, silver, gold, and platinum levels differ?
The metal plans vary by the percentage of costs you have to pay on average toward the health care you receive.
Here are the percentages of health care costs you pay for each type of plan:
- Bronze plan: 40%
- Silver plan: 30%
- Gold plan: 20%
- Platinum plan: 10% of your health care costs.
The way you pay your portion of these costs is in deductibles and copayments or co-insurance.
In general, the more you are willing and are able to pay each time for healthcare service or a prescription, the lower your premium will be. A premium is your monthly payment you have to pay in order to have insurance.
As an example, when you compare the bronze and platinum plans:
With a bronze plan: You pay the most each time you see your doctor or get a medicine. This is also called having higher "out-of-pocket" costs. But in a bronze plan you pay the least premium each month.
With a platinum plan: You pay the least each time you see your doctor or get a medicine. But in a platinum plan you pay the highest premium each month.
For more information feel free to visit https://pmgagency.com and to learn more about the health insurance marketplace or get started with signing up, contact a PMG Agent today.