As per the Affordable Care Act, what is the actuarial level of coverage provided by a Silver Plan?

The correct actuarial level of coverage for a Silver Plan under the Affordable Care Act is 70%. This means that, on average, a Silver Plan covers 70% of the healthcare costs for a typical population while the remaining 30% is left to the insured individuals in the form of out-of-pocket expenses.

The Silver Plan is one of the four metal levels of coverage (Bronze, Silver, Gold, and Platinum) established by the ACA, each representing different levels of cost-sharing and coverage. The objective of these plans is to provide consumers with options that align with their financial needs and preferences regarding healthcare spending. The 70% actuarial value indicates that these plans strike a balance between premium costs and out-of-pocket expenses, making them a popular choice for those seeking to manage healthcare costs while still having a reasonable level of coverage.