The Affordable Care Act (ACA) created four new designs for health insurance policies. You may have heard policies referred to as “metal plans.” This is because each design is named after a metal: Bronze | Silver | Gold | Platinum The four metal plans are distinguished from one another by their actuarial value. Actuarial value (AV) is the average amount of covered health care expenses that will be paid for
What Does “Standardized” Health Insurance Mean?
Anyone who has purchased health insurance knows that understanding the difference from one plan to the next can be very confusing. Plans offer different benefits, different levels of deductibles and co-pays, in network vs. out-of-network care, etc. In order to make it easier for consumers to understand and compare insurance options, the Affordable Care Act (ACA) sets up four (4) levels of insurance: bronze, silver, gold, and platinum. All four
