The Patient Protection and Affordable Care Act (PPACA) is a national decree which is also known as "Obamacare," or just as the "Affordable Care Act" (ACT). President Barack Obama made this national decree into law on March 23, 2010. The Obamacare act embodies the reformed health care law in America that improves the quality, affordability and accessibility of public and private health insurance to 44 million uninsured Americans. It helps to restrain the healthcare spending growth in the U.S., which has continued to increase at untenable rates.

The health insurance plans were redesigned for Obamacare, and they are now known as the "metal plans," since each plan is named after a different metal: Bronze, Silver, Gold and Platinum. Each plan has an "actuarial value" (average amount of insurance costs to be paid for by the plan) that differentiates them from each other. They are classified based upon the "most expensive out-of-pocket expenses" for consumers, but the minimum benefits are the same. The state and federal government determines the minimum benefits of these plans, which are incorporated in a plan in spite of any added perks attached to the plan.

The Bronze Plan. The insurance company pays the covered healthcare expenses value at 60 percent and the consumer pays the other 40 percent. The Bronze Plan average premiums are:

  • $263 for age 30
  • $296 for age 40
  • $413 for age 50
  • $627 for age 60

The Silver Plan. Seventy percent (70 percent) of the covered healthcare costs are shouldered by the insurance company while the remaining 30 percent is shouldered by the consumer.  The average monthly premiums of the Silver Plan are as follows:

  • $284 for age 30
  • $319 for age 40
  • $447 for age 50; and
  • $678 for age 60

The Gold Plan. The Gold plan has 80 percent of the covered healthcare expenses assigned to the insurance company and the 20 percent to the consumer.  Here are the average monthly individual premiums for the Gold Plan:

  • $336 for age 30
  • $378 for age 40
  • $528 for age 50; and
  • $801 for age 60.

The Platinum Plan. This is created to offer the least amount of personal expense. About 10 percent of the covered healthcare services are paid by the enrollee and the rest is paid by the plan. The average premiums for the Platinum Plan are as follows:

  • $345 for age 30
  • $388 for age 40
  • $543 for age 50; and
  • $825 for age 60.

The Obamacare Affordable Care Act open enrollment deadline is Monday, March 31, 2014. Visit healthcare.gov to sign up.