Sometimes called “traditional Medicare,” Original Medicare is the fee-for-service program in which the government pays directly for healthcare costs that beneficiaries incur.| medicareresources.org
Cost-sharing refers to the fact you – as a health insurance policy holder – and your health insurance company share in the cost of your covered health care services.| healthinsurance.org
In addition to the Platinum, Gold, Silver and Bronze individual health insurance plans, the ACA allows catastrophic plans for people under age 30, or for those 30 and older who qualify for a hardship exemption from having to maintain health insurance coverage or pay a penalty. But subsidies cannot be used to purchase these plans, so enrollment is very low.| healthinsurance.org
A health insurance deductible is the amount an individual must pay for healthcare expenses before insurance (or a self-insured company) covers the costs. Often, insurance plans are based on yearly deductible amounts.| healthinsurance.org
A cost-sharing reduction (CSR) is a provision of the Affordable Care Act that reduces out-of-pocket costs for eligible enrollees who select Silver health insurance plans in the marketplace. CSRs – often referred to as cost-sharing subsidies – reduce enrollees' cost-sharing by lowering a health plan's out-of-pocket maximum, and increasing the actuarial value (AV) of the plan.| healthinsurance.org
While the Affordable Care Act's premium subsidies help pay the cost of the health insurance itself, cost-sharing subsidies help to reduce out-of-pocket spending for eligible enrollees when they select Silver plans. The Trump administration eliminated federal funding for cost-sharing reductions, but the benefits are still available to eligible enrollees. And because the cost of cost-sharing reductions has been added to premiums, premium subsidies are much larger than they were prior to 2018.| healthinsurance.org
When it comes to selecting a health insurance plan, the premium is the most important factor for many shoppers – especially those who are currently healthy. But price shouldn't be the only factor upon which you base your selection, even if your primary concern is financial.| healthinsurance.org
All plans (whether Bronze, Silver, Gold or Platinum) must cover the same essential benefits, including free preventive care; they all provide comprehensive coverage. But plans with the lowest premiums (Bronze, and to a lesser extent, Silver) require you to pay a larger share of your health costs. This means that your co-pays and deductibles will be higher, and your maximum out-of-pocket will generally be higher as well.| healthinsurance.org