What is the actuarial value associated with a Silver plan?

The actuarial value associated with a Silver plan is 70%. This means that, on average, a Silver plan covers 70% of the total healthcare costs for a typical population, while the remaining 30% is the responsibility of the insured. The Silver level is one of the four metal tiers established by the Affordable Care Act (ACA), which include Bronze, Silver, Gold, and Platinum, each with different levels of cost-sharing and coverage.

By being in the middle of these tiers, the Silver plan offers a balance between premium costs and out-of-pocket expenses, making it a popular choice for many individuals who want affordable coverage while still having substantial benefits. Overall, this means that for every dollar spent on healthcare, a Silver plan is expected to cover 70 cents, reflecting the value and accessibility of the plan without being as expensive as Gold or Platinum plans.