According to the Affordable Care Act (ACA), a Silver plan provides what actuarial level of coverage?

A Silver plan under the Affordable Care Act (ACA) is designed to provide an actuarial level of coverage of approximately 70%. This means that, on average, a Silver plan covers about 70% of the total healthcare costs for a typical population, leaving the insured person responsible for the remaining 30% of costs, typically through deductibles, copayments, and coinsurance.

Understanding the actuarial value is essential because it helps consumers compare different health insurance plans and understand their potential out-of-pocket expenses. The Silver plan is particularly significant in the ACA framework because it is one of the benchmark plans used to determine the amount of premium subsidies and cost-sharing reductions available to eligible individuals and families.

In the context of the choices presented, while other actuarial levels are associated with different tiers of coverage, only the Silver plan aligns with the 70% coverage level, differentiating it from Bronze (60%), Gold (80%), and Platinum (90%) plans.