Recognize What Impacts Premiums
If you buy your own insurance and you bought the plan you have today before March 23, 2010, and have not made any changes, you aren't required to buy a new plan (with a few exceptions, such as temporary plans). If that's the case for you, you will only experience the normal yearly increases of rising health care costs.
What you end up paying for a new ACA health insurance plan depends on:
- Your age
- The number of family members on your plan
- Whether or not you qualify for federal financial help
- Where you live
For many individuals, the best plan is a balance between premium cost (monthly expense) and how much you would have to pay for the care and services you receive (copays, deductible, coinsurance, out-of-pocket expenses) while using the plan.
A lower-deductible or no deductible plan (Gold metal level) would start to help you pay for health care costs sooner than a higher deductible plan (Bronze metal level). A Silver metal level plan would have a lower monthly premium than a Gold plan, but would require you to pay more out-of-pocket costs each year.
Understanding Plan Levels
- Lower deductible plan
- Higher monthly premium costs
- Starts helping to pay for health care costs sooner
- Example: Gold plan
- High deductible plan
- Lower monthly premium cost
- Higher out-of-pocket costs for longer (until coverage starts to help pay more for health care costs)
- Example: Bronze and Silver plans