What is the benchmark silver plan?
Asked by: Colton Collins | Last update: June 17, 2025Score: 4.2/5 (74 votes)
Is a silver health plan worth it?
Choosing a Silver health plan can be an excellent option if you're looking for a balance between your monthly premium and out-of-pocket costs for care, especially if you qualify for cost-sharing reductions.
What does a benchmark plan mean?
Benchmark plan is the term used to describe the second-lowest-cost Silver plan (SLCSP) available in the exchange/Marketplace, and it's also the term for the plan that each state designates as the standard for essential health benefits (EHBs).
What is a standard silver plan?
Silver plans fall about in the middle: You pay moderate monthly premiums and moderate costs when you need care. Important: If you qualify for “cost sharing reductions” (or “extra savings”) you can save a lot of money on deductibles, copayments, and coinsurance when you get care — but only if you pick a Silver plan.
Is Aetna Silver a good plan?
Silver plans have mid-level monthly rates and are good if you have average health needs. Plus, if you have a low income, Silver plans offer help with other insurance costs like deductibles and copays. Gold and Platinum plans are best for people with high health care needs.
Bronze vs Silver, Which Health Plan Is Best For You
Which health plan is better Silver or gold?
Gold plans have a higher monthly premium compared to Silver plans, but lower out-of-pocket costs for care. Gold plans are ideal for individuals and families needing frequent medical services and want their insurer to share more in the cost for care.
What is a benchmark silver plan?
A silver plan is known as the “benchmark plan” because of its middle-of-the-road expenses when compared with the marketplace's platinum, gold, and bronze plans. You must choose a silver plan to qualify for cost-sharing breaks known as “extra savings” that will reduce your deductible, copayments, and coinsurance.
What is the best health insurance in the USA?
Investopedia's analysis ranks Kaiser Permanente as the best health insurance company for 2025 because of its blend of affordability and low customer complaints. UnitedHealthcare and Aetna also earned top marks. We evaluated nine insurers using dozens of criteria, such as customer satisfaction, plan types, and costs.
What is the deductible on a silver plan?
But if you qualify for cost-sharing reductions, your deductible for a Silver plan could be $300 or $500, depending on your income. You'll have lower copayments or coinsurance. These are the payments you make each time you get care — like $30 for a doctor visit.
What does a benchmark include?
A benchmark is a standard that is used to measure the change in an asset's value or another metric over time. In investing, benchmarks are used as a reference point for the performance of securities, mutual funds, exchange-traded funds, portfolios, or other financial instruments.
What health insurance is accepted in all 50 states?
Medicare is run by the federal government, which is why Original Medicare coverage is the same in every state and includes nationwide access to providers.
What does benchmark mean in health insurance?
Defining key terms:
Financial Benchmark (health care): an established price for health care services; also known as a “target price" Quality Performance Benchmark (health care): an established standard of care provided to patients.
What is the most expensive health insurance plan?
Platinum health insurance is the most expensive type of health care coverage you can purchase. You pay low out-of-pocket expenses for appointments and services, but high monthly premiums.
Which is better, Silver or bronze?
Objectively speaking, silver is better than bronze, but from a psychological perspective, it's not. Studies that examined the facial expressions of Olympic medal winners found that athletes who win silver are less happy than those who win bronze.
What does silver insurance cover?
Essential Health Benefits: Silver plans, like all plans offered through the Marketplace, cover essential health benefits, including preventive care, emergency services, hospitalization, prescription drugs, and more.
Which health insurance denies the most claims?
According to the analysis, AvMed and UnitedHealthcare tied for the highest denial rate, with both companies denying about a third of in-network claims for plans sold on the Marketplace in 2023, respectively.
Is the silver plan worth it?
The categories have nothing to do with the quality of care you get in a plan. Generally, the difference between categories is based on the plan's share and your share of costs for covered services. If you qualify for extra savings (based on your income) and enroll in a Silver plan, the plan pays more and you pay less.
What are benchmark benefits?
Employee benefits benchmarking is a practice that gives employers an accurate idea of how they measure up against the competition for gaining new employees.
Who has the cheapest insurance for seniors?
Our research found that Auto-Owners, Travelers, Geico, USAA and Nationwide may be the cheapest car insurance companies for seniors based on average rates from Quadrant Information Services. Rates provided are for a 70-year-old driver with a clean driving record.
Is Aetna a good plan for seniors?
Aetna® shines in Star Ratings with 88% of Medicare Advantage members in 4 out of 5-star plans or higher for 2025. Aetna Medicare is an HMO, PPO plan with a Medicare contract. Our SNPs also have contracts with State Medicaid programs.
What is the cut off age for Aetna?
The Patient Protection and Affordable Care Act (PPACA) requires plans and issuers that offer coverage to children on their parents plan, to make the coverage available until the adult child reaches the age of 26, even if the young adult child no longer lives with his or her parents, is not a dependent on a parent's tax ...