When you start shopping for mandatory health insurance, you want to make sure it offers everything you need for you and your family. The health insurance exchange offers several different levels of coverage with similar benefits, but different out of pocket expenses. There is also catastrophic coverage that prevents you from financial ruin caused by unexpected medical expenses.
There are four different levels of insurance available through the health insurance exchange. They are bronze, silver, gold and platinum. Each level carries a different monthly premium, with bronze being the lowest, and platinum the highest. As the levels increase, they offer more coverage and allow you to pay less each time you have a medical event. For example, if you have bronze coverage, you will have a very small premium, but it will only cover 60 percent when you have to visit a hospital. On the other hand, the platinum coverage has a higher premium, but may cover up to 90 percent when you visit the hospital. The coverage you choose should be based upon your current medical needs, your monthly budget for a premium, your current tax credits, and the number of times you visit the doctor every year.
There is another type of insurance available called catastrophic coverage. This coverage does not cover the everyday expenses of medical care, but will help you with large medical bills, such as major surgery or prolonged hospital visits. There are specific requirements to receive this coverage and, when you request an insurance quote, they will be evaluated before your quote is received.