Ohio Insurance Laws and Regulations Practice Exam

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Study for the Ohio Insurance Laws and Regulations Exam. Prepare with flashcards and multiple choice questions, each question has hints and explanations. Get ready for your exam!

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According to the Affordable Care Act, what metal tier is required to have an actuarial value of 70%?

  1. Bronze Plan

  2. Silver Plan

  3. Gold Plan

  4. Platinum Plan

The correct answer is: Silver Plan

The Affordable Care Act mandates that Silver Plans must have an actuarial value of 70%, meaning that on average, the insurance company is responsible for 70% of covered healthcare expenses and the insured individual is responsible for the remaining 30%. This level of coverage is considered the standard and is typically more comprehensive than Bronze Plans, which have a lower actuarial value. Gold and Platinum Plans, on the other hand, have higher actuarial values and therefore, typically cover a greater percentage of healthcare expenses for the insured individual.

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