Idaho Life Producer Practice Exam

Under the Affordable Care Act (ACA), health plans are categorized into four metal tiers based on their actuarial value, which indicates the percentage of healthcare costs the plan will cover. These tiers are Bronze, Silver, Gold, and Platinum. Each classification reflects how costs are shared between the insurer and policyholders.

The correct answer, "Classic," is not one of the ACA classifications. The term "Classic" does not correspond with the established metal categories outlined in the ACA, which are designed to help consumers understand the trade-off between monthly premiums and out-of-pocket costs.

The Bronze tier covers about 60% of healthcare costs, Silver covers about 70%, Gold covers approximately 80%, and Platinum covers around 90%. These classifications aid consumers in selecting plans that align with their financial capabilities and healthcare needs. Understanding these categories is crucial for navigating healthcare options within the ACA framework.