With inflation and rising costs stretching budgets across the country, most households are trying to cut spending wherever they can. You can’t control your rent or mortgage, you have to eat and you can’t go without health insurance — or can you?
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Many people — particularly those who rarely visit the doctor — are wondering just what it is they’re getting for all that money their health insurer pulls from their checking account every month.
You know what you pay for health insurance — but do you know the potential cost of going it alone? health insurance is worth the expense. ” class=”link “Keep reading to find out whether health insurance is worth the expense.
Marketplace Metals: Higher Premiums vs. More Expensive Care
The Affordable Care Act (ACA), commonly called Obamacare, established the Health Insurance Marketplace, a unified exchange where individuals and families can shop for policies from many carriers.
The marketplace’s metal-based tier structure gives you a choice between higher monthly premiums for reduced-cost care or lower monthly premiums for care that costs more when you need it.
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Bronze plans have the lowest monthly premiums and the highest deductibles. Policyholders often pay thousands of dollars before the insurance company starts paying its share, which is only 60% — you’re still on the hook for the other 40%.
On the other end of the spectrum are platinum plans, which require the policyholder to pay just 10% to the insurance company’s 90%. Platinum plans also have very low deductibles, which means your insurer starts paying its share much earlier. The tradeoff is high monthly premiums,