What does "metal level" refer to in the Marketplace plans?

The term "metal level" specifically refers to the categories of health insurance plans in the Health Insurance Marketplace that indicate the percentage of costs covered by the insurance. These metal levels—commonly classified as bronze, silver, gold, and platinum—are intended to help consumers understand how much they can expect to pay out-of-pocket for healthcare versus how much the insurance will cover.

Each level represents a different actuarial value, which is the average percentage of health care costs that the plan will cover. For example, bronze plans generally cover about 60% of healthcare costs, while platinum plans cover about 90%. By using these classifications, the Marketplace provides a straightforward way for consumers to compare the value of different plans based on their coverage and costs.

Understanding the metal levels is crucial for consumers when selecting a health plan as it allows them to make informed decisions based on their healthcare needs and financial situations.