The Affordable Care Act (ACA), also known as Obamacare, created a standardized set of health plans individuals can purchase on state marketplaces. These plans are categorized into four tiers: Bronze, Silver, Gold, and Platinum.
The Platinum plan is the top tier among these plans and is best for those who need frequent healthcare and can afford higher premiums. They are designed to provide extensive coverage and tailored care.
This article explores key features and advantages of Platinum plans and who is eligible to enroll.
Overview Of Marketplace Healthcare Platinum Plans
The Platinum plan is the highest tier of healthcare insurance that one can purchase from the federal insurance marketplace.
These plans are designed to cover around 90% of healthcare costs, meaning that the insurance provider pays the majority of the costs. Consumers will only be responsible for approximately 10% of their healthcare needs, charged through deductibles, copayments, and coinsurance.
Because Platinum plans cover most of one’s healthcare needs, they also come with the highest monthly premiums.
Compared to other tiers, these plans usually have the lowest deductibles, which you must pay out-of-pocket for covered services before your insurance starts to pay.
These plans also have an out-of-pocket maximum. An “out-of-pocket maximum” refers to the limit on the total amount of money you will have to pay for covered medical expenses in a year.
All ACA plans, including the top-tier Platinum ones, cover ten essential health benefits, which include
- Outpatient care
- Emergency services
- Hospitalization
- Maternity and newborn care
- Mental health services
- Addiction treatment
- Prescription drugs
- Rehabilitative services and devices
- Laboratory services
- Preventive and wellness services
Despite the amount they cover, there may be better choices than Platinum plans. A Silver or Gold plan might offer a better balance for people who anticipate needing few healthcare services.
