What are the differences between Bronze, Silver, Gold, and Platinum plans?

The main difference between Bronze, Silver, Gold, and Platinum plans is the percentage of expected health care costs each plan covers. 

Health plans are built around cost sharing: Plans with higher premiums cover a larger share of your medical costs, while lower-cost plans cover less. These categories don't affect the quality of care you receive!

To make it easier to compare plans, they're grouped into four “metal tier” levels:

• Bronze plans cover 60% of expected costs for the average individual
• Silver plans cover 70% of expected costs for the average individual
• Gold plans cover 80% of expected costs for the average individual
• Platinum plans cover 90% of expected costs for the average individual

Bronze plans: Bronze plans have lower monthly premiums, but your insurance covers about 60% of your expected costs. If you're generally healthy and don't use your insurance often, this type of plan may help you save money.

• These plans can be a good choice if you're young and healthy and typically only visit the doctor for an annual checkup. The premiums are usually the lowest, but you may pay a little more out of pocket for routine visits. You'll still have financial protection if you have a major accident or need an expensive hospital stay.

Silver plans: Silver plans have slightly higher premiums, but coverage usually starts sooner, which often means a lower deductible.

• Silver plans can be a good value if you see the doctor occasionally and take one or two common medications. 
• Silver plans are the only plans that may qualify for extra savings called cost-sharing reductions. If your modified adjusted gross income falls within a specific range and is below 250% of the Federal Poverty Level, your Silver plan options may qualify for these savings!

Gold plans: Gold plans help cover a larger share of your medical expenses in exchange for a higher monthly premium. Many have very low deductibles—sometimes even $0—so coinsurance can begin with your first care of the year.

• Gold plans can be a great choice if you expect frequent or significant medical expenses, or if you want the peace of mind that comes with knowing most of your costs will be covered.
• Gold plans and higher-tier plans are often a good fit for pregnant women.

Platinum plans: These premium plans are typically a good fit for people with ongoing health conditions who need regular visits to doctors and specialists, special medical equipment, or ongoing treatments. They're also a great option if you want the peace of mind of having very low out-of-pocket medical expenses throughout the year.

• Platinum plans have the highest monthly premiums, but they also offer the most generous benefits. Many have $0 deductibles, so after the plan starts, you may pay no more than 10% of your medical bill.

In short, Bronze plans generally have lower premiums—your monthly insurance bill—but higher deductibles and out-of-pocket costs. At the other end of the spectrum, Platinum plans have higher premiums but lower deductibles and out-of-pocket costs. Silver and Gold plans fall between these two tiers.

Check out our handy insurance guide if you want to learn more about health insurance!