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Understand Cost

This information is provided for informational purposes only and should not be relied on as legal or tax advice.

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

  • How many family members will be on your plan, and their ages

  • Whether or not you qualify for federal financial help.

For most consumers, 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 (coinsurance, copayment, out-of-pocket expenses).

A lower-deductible or no deductible plan (Platinum 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 Platinum 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