These Health Insurance Marketplace plans are split into four different tiers which are: Silver, Bronze, Platinum and Gold. The tier correlates to the amount of protection or how the health insurance plans and their members share the costs. The tier-based ratios below were calculated based on the estimated monthly medical bills.
Bronze plans provide the lowest cost per month but the greatest out-of-pocket expenditures when you need medical treatment. The deductibles on these plans are quite large. It means you’ll have to cover a lot if you require medical attention until the deductible has been reached.
The Silver-based plans have lower monthly fees and low out-of-pocket charges when using services. If you’re eligible for cost-sharing savings, which is a type of federal subsidy, you must enroll in Silver plans Silver plan in order to benefit from the benefits. This is why Silver plans can be the most affordable alternative for many people.
Gold Plan: Gold has more expensive monthly costs, however lower out-of-pocket payments. Deductibles for Gold plans are usually lower than the ones in Silver and Bronze plans.