Analysis of basic elements of the plans shows how much of a difference can be made financially one way or another based on the plan that is paid for. It goes without saying that better coverage generally comes with a more expensive plan, but there is an undisputable trade-off made between premium paid and the cost of not having that coverage further down the line if unforeseen circumstances arise. The yearly cost of the Bronze plan for the woman and her daughter is $2,639 with a monthly premium of $29.05, while on the Silver plan the yearly cost goes up to $3208 with a monthly premium of $153.23. While financially speaking, it appears that at first glance, the Bronze plan will save you money over the Silver plan up front without any drastic medical emergencies, this must be reevaluated once …show more content…
The Bronze plan does not require much financial investment up front, but hedges on the assumption that no unforeseen circumstances will occur that will require more money for medical expenses. As mentioned previously, since the deductible is so high it will take a lot more money to meet that deductible before the insurance starts paying, leaving the patient with a greater financial burden to bear if health issues arise. It must be noted though, that even this level of health insurance is far better than not having any at all. In extreme medical emergencies, the deductible will be met and the patient will only be responsible for the initial $14,300 of bills as opposed to potentially a much larger amount that would be their responsibility without the insurance. The Silver plan however is aimed towards a consumer population that either has mild pre-existing conditions or plans to regularly visit the doctor’s office. There is a larger up front cost with the premium, but it is offset by the money saved with the set copay at the doctor’s along with the reduced cost of medications. The lower deductible also allows for more measures of care to be taken in the event of unforeseen circumstances because that deductible will be met at a lower price and the insurance will kick in sooner. The general assumption made is