Gold Health Plan: What It Is and Who Should Get It
Gold health plans are one of the four metal levels of health insurance plans offered through the Health Insurance Marketplace. They offer the second-highest level of coverage, after platinum plans. Gold plans typically have higher monthly premiums than lower-metal plans, but they also have lower deductibles, copays, and coinsurance.
Gold health plans are a good option for people who expect to need a lot of medical care, such as those with chronic health conditions or those who are planning to have a baby. They can also be a good option for people who want to minimize their out-of-pocket costs.
Gold health plans typically cover most of the cost of essential health benefits, including:
- Preventive care, such as annual physicals and screenings
- Doctor’s visits
- Hospital stays
- Prescription drugs
- Mental health care
- Emergency care
How much does a gold health plan cost?
The cost of a gold health plan will vary depending on your age, location, and other factors. However, gold plans typically have higher monthly premiums than lower-metal plans. For example, in 2023, the average monthly premium for a gold plan for a single person aged 25 is $676.
Who should get a gold health plan?
Gold health plans are a good option for people who expect to need a lot of medical care, such as those with chronic health conditions or those who are planning to have a baby. They can also be a good option for people who want to minimize their out-of-pocket costs.
Here are some examples of people who may want to consider a gold health plan:
- People with chronic health conditions, such as diabetes, heart disease, or cancer
- People who are planning to have a baby
- People who have frequent doctor’s visits or hospital stays
- People who have a high-deductible health plan and want to reduce their out-of-pocket costs
How to choose a gold health plan
- Monthly premium: How much can you afford to pay each month?
- Deductible: How much money are you willing to pay out of pocket before your insurance starts to pay?
- Copay: How much money do you have to pay for each doctor’s visit or prescription drug?
- Coinsurance: What percentage of the cost of medical services do you have to pay after you meet your deductible?
- Out-of-pocket maximum: What is the most you will have to pay out of pocket for medical services each year?
- Network of providers: Does the plan cover your doctor and other healthcare providers?
You can use the Health Insurance Marketplace website to compare gold health plans from different insurance companies. You can also talk to an insurance broker to get help choosing a plan.
Conclusion
Gold health plans are a good option for people who expect to need a lot of medical care or who want to minimize their out-of-pocket costs. However, it is important to compare plans from different insurance companies and to choose a plan that meets your specific needs.
