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What Is a Gold Health Plan in Health Insurance?
<lingo>A gold health plan is a type of health insurance plan. The Health Insurance Marketplace divides all eligible plans into four tiers. Each one is named for a metal: platinum, gold, silver, and bronze. Insurance companies pay the most for platinum coverage and the least for bronze coverage. The metal tier of a given health plan does not influence the quality of care you will receive with that plan. Instead, the tier level dictates the way in which you and your insurance company will share the cost of your health care. A gold health plan offers a higher degree of health coverage than most other plans; however, monthly premiums for a gold plan tend to be higher.</lingo>
Gold Health Plans Clearly and Briefly Explained
Generally speaking, it can be estimated that an insurance company will pay around 80% of health care costs with a gold tier plan, leaving 20% for the enrollee to pay. By contrast, an insurance company will typically cover 90% of costs with a platinum plan, 70% of costs with a silver plan, and 60% of costs with a bronze plan. With each plan, the enrollee pays the remaining percentage of costs (on average).
Deductibles on gold health care plans tend to be low. This means the enrollee won’t pay much out-of-pocket for covered health care before their insurance company kicks in and begins to pay claims.
<twitter>A gold health plan offers a higher degree of health coverage than most other plans; however, monthly premiums for a gold plan tend to be higher.</twitter>
Like any health insurance plan, gold plans fully cover all preventative care. Before enrollees meet their deductibles, it is also possible that a gold plan will offer additional free or discounted health and wellness services.
Gold health plans are good for individuals and families who can afford high monthly premiums and want low costs when health care is needed. They are good for individuals and families who expect to use a lot of health care throughout the year.
For individuals and families who don’t expect to use their health plan much, a silver or bronze plan may be preferable as monthly premiums for these plans are generally lower. There are also plans below the bronze level called catastrophic plans.
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