Always shop around for options before choosing health insurance. If you’re choosing from your state’s marketplace or an insurance broker, you’ll be given options organized by their level of benefits. Bronze plans offer the least coverage, silver a little more, gold more than silver, and platinum offers the most. Those under 30 can also buy a high-deductible catastrophic plan.

Each plan pays a set of costs for the insured individual. The details depend on the plan. The deductibles also change, e.g., the least expensive plan has the highest deductible. Let’s look at how the plans are structured.

Platinum

This plan, on average, covers 90% of your medical costs, and you pay the balance amount.

Gold

This plan, on average, covers 80% of your medical costs. The balance of 20% is paid by you.

Silver

Here, on average, 70% of your medical costs are covered, and you pay the balance 30%.

Bronze

This plan, on average, covers 60% of your medical costs, and you’re expected to pay for the remaining 40%.

Catastrophic

Catastrophic policies pay only after you reach a very high deductible. In 2020 it was $8,150. These plans must cover the first three primary care visits and preventive care for free. This is required even if you have not met your deductible amount yet.

There are several insurance brands that are also associated with the care levels we mentioned. Some large national brands that you can consider are Aetna, Blue Cross Blue Shield, Cigna, Humana, Kaiser, and United. Each brand may offer some or all of four common plans, which are Health maintenance organizations (HMOs), Preferred provider organizations (PPOs), Exclusive provider organizations (EPOs), Point-of-service plans (POS), High-deductible health plans (HDHPs), which can be linked to health savings accounts (HSAs).

You should look up these plans and understand how to pick one that fits your budget and covers your health care needs. You can find the specifics of a plan by checking its summary of benefits.

HMOs deliver health services through a network of healthcare providers and facilities, but they offer the least freedom to choose your health care providers