Premiums? Deductibles? Coinsurance? Copayments? Well, all that payment jibber jabber might sound like a completely different realm, but understanding the costs behind your policy will help you feel a lot more comfortable with the money you pay. If you’re having trouble understanding the payment levels and different rates of medical insurance in New Jersey at newjersey-insurance.net, maybe you should look into the metallic tiers of coverage.
More about the Metallic Tiers of Coverage
- Platinum Plan – The platinum plan is the most expensive plan under the metallic tiers of coverage categorization. This plan requires individuals to pay the highest possible rate for the coverage and policy they’re buying. But because platinum plans are expensive on a monthly recurring fee basis, the cost of medical services you get can become a whole lot cheaper. Think of it this way – the payments you make for any services you avail of would have already been answered for because of the high cost of your premium. When you do avail of medical treatment, the remaining cost would be so small, that you’d barely have to pay anything at all. This is ideal for those who expect to be in and out of the hospital on a frequent basis.
- Gold Plan – The gold plan is the second most expensive plan, but comes at a slightly cheaper cost. This type of medical insurance in New Jersey plan is ideal for those who want to save a little extra on their monthly premium, however still want to keep the out of pocket expenses relatively low.
- Silver Plans – The third in the list of metallic tiers of coverage is the silver plan. This particular level of payment is significantly cheaper than the first two options, especially when compared to platinum plans. But because the monthly recurring fee is a lot lighter, individuals can expect their out of pocket expenses to be a whole lot bigger. This plan is for those who don’t want to spend big on their premiums and also don’t mind paying a relatively hefty amount when it comes to making a claim.
- Bronze Plans – This is the cheapest medical insurance in New Jersey in terms of monthly premiums, and the most expensive in terms of out of pocket expenses. If you don’t expect to see a doctor within the next year, or if your risks and perils are unlikely to become realities, this plan would be the best financial decision for you.