What Is a Platinum Health Plan in Health Insurance?
<lingo>A platinum health plan is the highest level of coverage you can receive from the marketplace plans. Unsurprisingly, a platinum health plan has the most expensive premiums. When it comes to purchasing a type of coverage, you can choose between bronze, silver, gold, and platinum. The Bronze plan may pay only major medical expenses, while the Platinum will cover all doctor's visits, prescription drugs, and specialist costs. Each plan is different, but on average, platinum plans cover around 90% of all expenses after co-payments, deductibles, and coinsurance fees. It also provides more flexibility to see healthcare providers when traveling.</lingo>
Platinum Health Plan Explained
Many people are hesitant to purchase a platinum health plan due to their excessive premium costs. It's often several hundreds of dollars a month separating a Bronze and Platinum plan. However, it's important to do an analysis of the costs before choosing a plan. If you choose a bronze plan with a $5,000 deductible, you can easily end up spending far more for medical costs than you would if you chose a plan with a higher premium. Even extremely healthy people can be affected by unexpected injuries or illness that land them in the hospital. Depending on the rates of medical care in your area, you can easily rack up thousands of dollars after only a few doctor's visits.
<twitter>A platinum health plan is the highest level of coverage you can receive from the marketplace plans. </twitter>
Platinum health plans are available for individuals and small groups and can be purchased from insurance exchanges or directly through an insurance company. However, platinum plans are not offered by all exchanges or companies in all areas of the US. (Due to the cost of the premiums, they've remained relatively unpopular choices.) There are also restrictions on platinum health plans, depending on which provider and insurance company you use. For example, chiropractic care, infertility treatments, and long-term care may not be covered under a platinum plan. They're generally recommended to those who already have a condition where they know they'll need advanced medical care, or for those who want peace of mind in case of an emergency.
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