Medical coverage is important for every person’s health. Health insurance provides financial security in times when an unexpected illness or injury results in medical expenses and medical bills. The term “medical insurance” is misleading, as many people don’t have insurance through their employers. Most employers offer health benefits to their employees, but not all provide these benefits.
There are four major categories of health coverage: Gold, Silver, Bronze, and platinum. Each category describes how your health coverage and costs share costs: Bronze. This is the least expensive plan available. Plans in this category provide health coverage to a family at a cost that is close to the average American household’s income. In addition to offering the least amount of money for coverage, the price of Bronze plans are based upon the health of an individual. People who are more healthy than the typical American family are typically eligible to get a lower cost Bronze plan than a family with a very sick individual. If you are in good health, Bronze plans may be the most affordable option.
Silver plans are another option. Silver plans are usually considered the best choice by insurance companies because they are priced so high. Silver plans usually cover an individual at least until the individual reaches the age of 65. Individual policies can vary greatly, so it’s important to talk with an insurance agent about your options before purchasing a plan. Some plans offer catastrophic health benefits, which can be used if you are faced with an emergency medical condition.
Gold plans are often considered the most expensive plan. Gold plans can cost more than three hundred dollars per month, but they provide much more coverage for a given price. Gold plans typically provide coverage for hospitalization, surgical costs, and doctor visits. Gold plans also tend to cover more elective procedures and costly medications.
Platinum plans are very similar to Gold plans, with the exception that platinum plans usually cover a family at the same rate that a family pays for individual coverage. This means that platinum plans tend to be more expensive than bronze plans, but the cost is often more affordable than other types of health coverage. For a family that has a relatively healthy person and inexpensive individual, a platinum plan is usually the best choice.
The most important thing to remember is that there is no single medical coverage that will meet the needs of every person. Some families may choose to purchase a combination of plans. But the basic health insurance plan will be adequate to cover all major illnesses and injuries that your family may experience.