What does bronze mean in health insurance?
Table of Contents
What does bronze mean in health insurance?
A bronze plan is a type of health insurance available on the Affordable Care Act (ACA) marketplace. This plan category describes individual health insurance plans with the least expensive premiums and the highest copay and coinsurance amounts. Additionally, bronze health plans often have higher deductibles.
What percentage is covered under a bronze plan?
Coverage and costs What does that mean for you? If you choose a bronze plan, overall you’ll pay about 40 percent of your health care costs, and your insurance company will pay about 60 percent. If you choose a gold plan, overall you’ll pay about 20 percent, and your insurance company will pay about 80 percent.
What level is bronze?
The metal is used to signal how generous the plan coverage will be. The more valuable the metal is, the more the plan will pay for the coverage. Bronze represents the lowest level of coverage (except catastrophic plans, see below). Platinum represents the highest level of coverage.
What is after bronze?
The Bronze Age follows on from the Neolithic period and is followed by the Iron Age.
Which is higher bronze or platinum?
The more valuable the metal is, the more the plan will pay for the coverage. Bronze represents the lowest level of coverage, and Platinum represents the highest level of coverage.
What is a bronze health plan?
A bronze plan is a type of health insurance available on the Affordable Care Act (ACA) marketplace. This plan category describes individual health insurance plans with the least expensive premiums and the highest copay and coinsurance amounts. Additionally, bronze health plans often have higher deductibles.
What is the difference between bronze and premiums?
Bronze plans have the least expensive premiums, but the highest copays and coinsurance costs in the Affordable Care Act marketplace. That means you will have to pay more out of pocket if you get sick than you would for other plans. Bronze plans usually have a high deductible as well.
What are the tax credits for bronze health insurance?
Individuals who choose bronze plan coverage can apply for premium tax credits (also known as premium subsidies) to lower costs. Premium tax credits for 2021 and 2022 Affordable Care Act (ACA) plans are available to most households, with no one paying more than 8.5% of their household income toward the cost of the plan. 2
How do I sign up for a bronze plan?
To sign up for a bronze plan (or any other health insurance plan) you need to wait until open enrollment. That’s the period — from Nov. 1 to Dec. 15 — when you can sign up for a new health insurance plan. Whatever plan you choose will take effect starting in the next calendar year, on Jan. 1.
