Best Health Insurance in Ohio In 2024 – Forbes Advisor – Technologist

Platinum Plans: Good for People Who Need Frequent Healthcare

Platinum plans are the most expensive ACA marketplace plans and they’re also the hardest to find. Less than 10% of ACA plans are platinum plans, so there’s a good chance you might not even see them offered.

If a health insurance company in your region sells platinum plans, these types of plans may work for you if you need regular healthcare and multiple costly prescriptions. Platinum plans have low health insurance deductibles and coinsurance, so you pay less when you need healthcare. But they also have the highest premiums, so you pay the most for your coverage each month.

Gold Plans: Good for People Who Want Lower Out-of-Pocket Costs

Gold plans have lower out-of-pocket costs than silver or bronze plans, but they come with higher health insurance premiums. If you expect to get regular healthcare, a gold plan could be a smart option since you will pay less when you need care compared to a silver or bronze plan.

You’ll want to weigh the monthly premiums with out-of-pocket costs like coinsurance and deductibles when you’re choosing an ACA plan.

Silver Plans: Good for People Who Are Looking to Balance Premiums and Out-of-Pocket Costs

If you don’t want to pay very high deductibles but also don’t want to pay high premiums, a silver plan might be a savvy choice. Silver plans have lower out-of-pocket costs than bronze plans and lower premiums than platinum and gold plans, which make them a good middle ground.

Silver and bronze plans are the most common ACA plans offered, so you shouldn’t have an issue getting a silver plan in your region.

Bronze Plans: Good for People Who Want the Lowest Premiums

Bronze plans are the best choice if you don’t use healthcare often and want the cheapest monthly premium payment. The trade-off is that bronze plans have higher out-of-pocket costs when you receive healthcare.

If you’re looking for the cheapest health plans that still offer comprehensive coverage, a bronze plan could be a smart option.

Some health insurance companies also offer “expanded bronze” policies. These plans come with higher coinsurance levels for in-network care (up to 65%) than standard bronze plans (average of 60%).

More: Bronze, silver, gold or platinum health insurance

Catastrophic Plans: Good for Young People Who Don’t Plan to Need Healthcare

The ACA marketplace offers catastrophic health insurance to people under age 30 and those facing severe economic issues like homelessness. If you’re eligible for a catastrophic plan, you may like the low monthly premium but be prepared for the high out-of-pocket costs.

One thing that makes catastrophic plans different from other options is that they don’t have coinsurance. Instead, you pay an extremely high deductible when you receive care. Once you’ve paid that deductible, a catastrophic plan pays the rest of your in-network healthcare costs for the year.