Question

identify different healthcare coverage options for consumers, what are the main differences

Answer 1

There are many choices offered to consumers when they shop for health insurance plans. These healthcare coverage options are organized by the level of benefits they offer to consumers: bronze, silver, gold, and platinum. Bronze plans are in the bottom of the list, having the least coverage, whereas platinum plans have the most. For the younger population, who are under the age of 30, consumers are also able to buy a much high-deductible plan called the catastrophic plan.

These plans are very different from one another.  Each healthcare covergae option pay a set share of costs for the average enrolled person. The details can vary across the coverage options. Further, deductibles, that is the amount that is required to be paid, before the plan picks up 100% of the health care costs -- vary according to each plan, generally with the least expensive carrying the highest deductible.

• Platinum: covers 90% on average of the medical costs; we pay 10%
• Gold: covers 80% on average of the medical costs; we pay 20%
• Silver: covers 70% on average of the medical costs; we pay 30%
• Bronze: covers 60% on average of the medical costs; we pay 40%
• Catastrophic: Catastrophic policies pay after we have reached a very high deductible ($7.350 in 2018). Catastrophic plans must also cover the first three primary care visits and preventive healt check up for free, even if the consumer has not yet met his deductible.

Some insurance brands associated with the care levels include Aetna, Blue Cross Blue Shield, Cigna, Humana, Kaiser, and United.