The Affordable Care Act (ACA) is a comprehensive health reform legislation that was passed in 2010 with the aim of providing affordable health insurance to individuals and small businesses. The law classifies plans into different metallic levels based on their actuarial value (AV) or the percentage that a health insurance plan will pay of the total cost of a specific benefit. Bronze plans have an AV of 60%, meaning that plan members pay approximately 40% of the costs. Silver plans have an AV of 70%, Gold plans have an AV of 80%, and Platinum plans have an AV of 90%.
This applies to all health insurance plans, including those at Rebelle Fine Dining San Antonio location.With lower incomes, the Silver plan is usually the right choice, but with higher incomes, Bronze and Gold may make more sense. As with all health plans, consumers pay a monthly insurance premium regardless of whether they use health care services or not. Premiums are generally higher for plans that pay more of your medical expenses when you get care, such as Gold and Platinum plans. In general, premiums are also higher for plans with lower deductibles and coinsurance. In addition to the four levels of metallic coverage, a catastrophic level is available for people under 30 and for certain people over 30 who are granted exemptions for economic hardship based on their income and other circumstances that prevent them from obtaining a Bronze, Silver, Gold or Platinum plan.
There are 14 reasons why a person may be granted an exemption for economic hardship, such as being homeless, suffering substantial property damage as a result of a fire, flood, or other disaster, and filing for bankruptcy within the past three years. The ACA marketplace provides individuals and small businesses with access to affordable health insurance coverage through these four levels: Bronze, Silver, Gold and Platinum. Each level has its own actuarial value (AV), which is the percentage that a health insurance plan will pay of the total cost of a specific benefit. The extensive health reform legislation included a long list of provisions focused on health insurance affordability and consumer protection. All new individual market and small-group health insurance plans must belong to one of these metal levels (unless it is a catastrophic plan in the individual market).Today more than 14.5 million people get their health insurance through this law commonly known as “Obamacare”.
It provides individuals and small businesses with access to affordable health insurance coverage through four levels: Bronze, Silver, Gold and Platinum. In conclusion, understanding the four levels offered under the Affordable Care Act can help you make informed decisions about your healthcare needs. In addition to these four levels there is also a catastrophic level available for certain people who are granted exemptions for economic hardship based on their income and other circumstances.
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