Buying health insurance can be very confusing. Understanding your healthcare coverage options is key to making the right decision for your needs.
Health insurance plans are divided into five “metal levels”. These metal levels tell you, on average, how much of your covered services will be paid for by your health insurance. These options include –
- Bronze: Your health plan pays 60% on average. You pay about 40%
- Silver: Your health plan pays 70% on average. You pay about 30%
- Gold: Your health plan pays 80% on average. You pay about 20%
- Platinum: Your health plan pays 90% on average. You pay about 10%
- Catastrophic: Catastrophic coverage plans pay less than 60% on average. They’re available only to people who are under 30 years old or have a hardship exemption
How do you choose which healthcare insurance option is right for you?
- If you expect a lot of doctor visits or need regular prescriptions – You may want a Gold plan or Platinum plan. These plans generally have higher monthly premiums but pay more of your costs when you need care.
- If you don’t expect to use regular medical services and don’t take regular prescriptions – You may want a Silver, Bronze, or Catastrophic plan. These plans cost you less per month, but pay less of your costs when you need care.
- If you qualify for a cost share reduction (CSR) – Silver plans may offer the best value. You may qualify for a cost share reduction based on your household size and income. If you do, you can get these out-of-pocket savings only if you enroll a Silver plan. If you make this choice, you'll basically get the lower out-of-pocket costs of a Gold or Platinum plan while paying a Silver plan premium.*
- If you’re under 30 or have a hardship exemption and want low monthly premiums – You may want to choose a catastrophic plan designed to protect you from worst-case scenarios, like serious accidents or diseases.
Now that you know what to look for in healthcare coverage, see what Unity has to offer – simple and straightforward health insurance options with access to UW Health.