Obamacare Healthcare Enrollment 2023
2023 Obamacare Open Enrollment is here. Obamacare Enrollment Period from November 1-December 15
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Health Insurance Metal Levels available for consumers
Platinum plans tend to have the highest monthly premiums and the lowest out-of-pocket costs. Platinum plans are designed so that the average enrollee will pay about 10% of his or her covered medical expenses, while the insurance company pays about 90%.
Gold plans are designed to cover about 80% of the covered medical costs for an average enrollee, while the policy holder will pay an average of about 20% (again, that means in the form of deductibles, copayments, or coinsurance).
Silver plans are typically a bit more affordable in terms of monthly premiums, but they require more from you in out-of-pocket costs when you receive medical care. Silver plans are designed so that the average enrollee will have to pay about 30% of his or her covered medical expenses while the insurance company pays about 70%.
Silver Plans with EXTRA SAVINGS
A discount that reduces the amount you have to pay for deductibles, copayments and coinsurance. In the Health Insurance Marketplace, “Cost Sharing Reductions”, or “CSR Reduction” are often called “added savings.” If you qualify, you must enroll in a plan in the Silver category to get the additional savings. If you qualify for cost sharing reductions, you also have a lower Maximum Out of Pocket, the total amount you would have to pay for covered medical services each year. When you reach your Maximum Out of Pocket, your insurance plan covers 100% of all covered services.
Bronze plans are designed to cover about 60% of the average enrollee’s covered medical expenses. The enrollee will be expected to cover about 40%. Because you typically pay more out of pocket when you get medical care, your monthly premiums tend to be less costly under a bronze plan.
Technically not a “metal level” designation, catastrophic plans cover many of the same health insurance benefits as other Obamacare plans but may require you to pay more for your medical care. Premiums are lower with these plans but they tend to come with higher deductibles. Catastrophic plans are only available to people under age 30 or those who meet other special requirements. You cannot use Obamacare subsidies to help pay your premiums under a catastrophic plan.
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