Private insurance plans
You can choose from a wide variety of options if you want to access private insurance. You can buy private insurance from your employer. Your employer will pay a part of the premium for this insurance. You can also buy insurance via the federal Healthcare Marketplace. You can access four levels of private insurance in the insurance exchange market. The major difference between each level is the portion of service you will be paying for. For example:
- On Bronze plans, you can pay for 60 percent of your healthcare costs. They have the biggest deductible but the smallest monthly premium.
- Silver plans pay for 70 percent of your healthcare costs. Their deductibles are smaller than bronze plans, but they have a moderate monthly premium.
- Gold plans pay for 80 percent of your healthcare costs. They have a smaller deductible than silver or bronze. They have a high monthly premium.
- Platinum plans pay for 90 percent of your healthcare benefits. This plan has the lowest deductible among all the tiers. As a result, you will receive your insurance early. The plan also has the highest monthly premium.
Within these levels of insurance, your company may also provide various plan structures, like HMO, PPO, PFFS, or MSA. In some cases, your private insurance company may also sell Medicare in the forms of Medigap plans, Part D [1], and Medicare Advantage.