Insurers will start offering the new gold standard policy under a proposed rule, which will require them to cover up to $10,000 in medical costs for an individual and up to two dependent adults in a household.
Insurers will also have to cover 100 percent of out-of-pocket medical costs.
The rules are expected to take effect in 2022.
A new gold policy will cost an insurer about $30 a month.
Under the old standard, insurers had to cover an average of $1,300 in medical expenses per person, according to the Wall Street Journal.
However, the rule will mean insurers will be able to cover more of the costs, which should lead to higher premiums for insurers.
According to the Journal, the new policy will be offered at no additional cost to consumers, as insurers will have to pay for the medical care themselves.
“Insurers must also pay the full costs of the care, which includes both medical and mental health care, if the policy is offered,” the WSJ noted.
HealthInsuranceInsurance.com is offering a $1.5 million insurance policy with gold-standard coverage, the Journal said.
This policy will cover up, not include, the cost of medical care, according the policy’s description.
In addition to the new standard, the insurer will be allowed to charge an additional premium based on a patient’s income.
Currently, some health insurance plans offer health coverage that provides a fixed benefit to the individual.
That means if you have an income of $60,000, you can get health coverage for $1 million a year, the WS J noted.