As classified by the Affordable Care Act, what coverage level does a Silver Plan offer?

A Silver Plan, as classified by the Affordable Care Act (ACA), provides 70% actuarial coverage. This means that, on average, the plan pays for 70% of the total healthcare costs for a typical population enrolled in that plan, while the remaining 30% is the responsibility of the insured individual through out-of-pocket costs such as deductibles, copayments, and coinsurance.

The classification of Silver Plans is one of four metal tiers established under the ACA, which also includes Bronze, Gold, and Platinum levels. Each tier represents a different balance of premium costs, out-of-pocket expenses, and coverage levels. The Silver tier is particularly significant because it attracts many consumers due to the mid-range coverage it offers compared to the other plans, making it a popular choice for individuals and families seeking a balance between affordability and coverage.

The other answer choices refer to different coverage levels that correspond to other metal tiers. Bronze plans typically cover about 60% of healthcare expenses, Gold plans cover around 80%, and Platinum plans cover around 90%. Understanding these distinctions is important for individuals selecting a health plan that best meets their needs and financial situation.