In looking at group health insurance options, you might be tempted to think that a Silver is better than a Bronze level plan and Gold must be better still. But the truth is, that all plans, whether they carry the Bronze, Silver, Gold or Platinum label, all cover the same essential health benefits. There is no variation in the underlying coverage. The main difference is how much you pay before the health insurance company starts to pay.
Bronze plans come with the highest deductibles, but also the lowest premiums. So is a Gold or Platinum plan worth the extra premium to have a lower deductible? When you factor in the out of pocket maximums, usually not. In study after study, I have found that most people are better off with a lower premium and higher deductible. You just can’t buy extra benefits, cheaper than the cost of the extra premium. And the premium savings is compounded over time, in years when you don’t meet your deductible.
The bottom line is, don’t get caught up in the metallic labels of Bronze thru platinum. Choose the plan with the lowest potential out of pocket including premiums.
At www.grouphealthtn.com, we have been helping small employers in TN for 20 years craft their insurance plans so that they are as efficient as possible. Call us at 615-376-8899 and we will offer a no obligation consultation on your small group’s health insurance plan
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