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Health Insurance Shopping

Platinum plans – Typically less than $3,000 max out-of-pocket per person ($1,500 max on some plans) with co-pays for first dollar coverage. This is very rich and the premium will be unaffordable to most.

Gold plans – Roughly $3,000 out-of-pocket maximum per person including your deductible (this can vary based on personalities of the insurance companies). Your deductible could start as low as $500 or be at the max at roughly $3,000. This plan will also typically includes co-pays at the doctor, specialist and prescription drugs at the pharmacy. The amount of the co-pays will vary by carrier and service and/or tiers.

Silver plans – Roughly $6,000 out-of-pocket maximum per person including your deductible (this can vary based on personalities of the insurance companies). Your deductible would typically start around $2,500 and go up to the max of $6,350 per person. This plan will typically include co-pays similar to the Gold plans.

Bronze plans – Some refer to this as a low-level plan. There is nothing wrong with this plan. It’s similar to the old Health Savings Account (HSA) plans. It is a high deductible and everything you do applies towards your deductible. All except for Preventive or Wellness exam (check policy for details). If someone is comfortable just know what their maximum out-of-pocket is without worries of co-pays and take a premium reduction for it, this is a great alternative to the other plans. This plan will be a maximum out-of-pocket of $6,350 for individual and $12,700 for a family. This will vary depending on the personalities of the insurance company you are reviewing.

Catastrophic plan – This plan is for the young. It’s basically mirrors the Bronze plans but it will have a doctor co-pay attached to the plan. It’s an alternative for the young to get something more affordable with a co-pay for first dollar doctor visit coverage. There are age limits to this plan. However, with certain financial hardship, those over the age limit may qualify.