5 quick facts about tiered marketplace health plans

Health plans sold through the state and federal ACA marketplace are given a metal designation corresponding to the share of a consumer's health cost the plan underwrites.

Here are five quick facts about tiered ACA marketplace health plans, according to USA Today.

1. Health plans sold on the ACA state and federal marketplace fall into four tiers: bronze, silver, gold or platinum.

2. Bronze plans usually pay 60 percent of a policyholder's medical expenses, while silver plans pay 70 percent, gold plans undertake 80 percent and platinum plans cover 90 percent. Higher tiered plans have bigger monthly premiums than lower tiered plans. 

3. All plans in each tier have to cover 10 ACA-defined essential health benefits, such as emergency department trips, pediatric treatment, prescription medication and preventive care.

4. Simple choice plans will be sold on the ACA marketplace next year, which offer the same deductibles, copays and coinsurance across tiers.  

5. Seventy percent of ACA marketplace enrollees as of March 2016 chose silver tier plans, compared to 22 percent who chose bronze and 6 percent who purchased gold tier plans. Two percent of enrollees chose platinum plans.  

More article about payer issues:
To reduce costs, Maine insurance co-op eliminates elective abortion coverage
Colorado AG seeks comment on UnitedHealthcare, Rocky Mountain Health Plans deal
ACA developer wishes for 'stronger' individual mandate

© Copyright ASC COMMUNICATIONS 2017. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.

 

Top 40 Articles from the Past 6 Months