Types of Health Insurance Plans
As an adult, you must have insurance, especially health insurance. What is more exhausting is that the markets offer a lot of health insurance, making it hard to pick one. But the best part is you can find health insurance that is tailor-made to suit your needs. Luckily, they are making it very specific that they classify it.
Take note of the benefits while buying from insurance brokers or an agent. Health insurance is organized by the level of services or benefits that they offer. The benefits level is classified as bronze, silver, gold, and platinum, making the bronze have the least coverage and the platinum plan having the most coverage. But even having all this information, it is still advisable to talk to your doctor and a health care plan agent.
Below are the common types of health insurance available:
- Health Maintenance Organization (HMO)
- Preferred Provider Organization (PPO)
- Exclusive Provider Organization (EPO)
- Point-of-Service Plans (POS)
- High Deductible Health Plans (HFHPs) that can be linked to Health Savings Account
Health Maintenance Organization
Providers who agree to supply services to the members. This insurance type will allow you to have a broader range of preventive health care services. Members of HMO are required to choose a primary care physician or PCP. Members of primary care physicians will take care of most of the health care needs of the members. HMO plan will enable the members to decrease their out of pocket health care expenses. Members are not required to pay a deductible before the coverage starts. Also, co-payments are needed, but they made sure that it is minimal. HMO is suitable for the people who look for lower premiums and who need preventive care services like checkups and immunization.
Preferred Provider Organization
This is the most popular health insurance plan in the individual and family market. This health insurance plan allows you to choose any network, physician, or healthcare provider you want. This plan will enable you to any health care provider without any referral from a physician. This health insurance will usually not need a primary care physician. But you need to use the insurance company’s doctor.
Also, make sure that your healthcare provider accepts this plan so you can acquire the highest level of benefit coverage. You may want PPO because it will give you the freedom to choose any medical facility for your health care needs. Also, this health insurance is hassle-free since it doesn’t need a referral before visiting a specialist.
Exclusive Provider Organization
From its name exclusive provider organization, it is exclusive. Exclusive in the sense that you can use the networks of all doctors and hospitals but only within the EPO network. You cannot strictly go outside the system, and there is also no out of the network benefits. This health care plan may be right for you if you don’t want to get a referral to see a specialist, and you would want to receive a lower negotiated rate compared to HMO or PPO health insurance plans.
Point of Service Plans
This is health insurance that combines the features of HMO and PPO. This plan will give you the freedom to choose a health care provider. It also has a few paperwork if you decide to seek out the network of health care providers. This plan will also have a primary care doctor that will coordinate with your specialist and may have referrals. However, you will pay a premium for each month. It’s a deductible that covers care beyond preventive services.
High Deductible Health Plan
This is the traditional insurance plan with a higher deductible, but the monthly premium is lower. However, you will pay more health care costs before the insurance company can start paying the deductible.
The good thing is, if you have a higher deductible, HDHP can be possibly combined with your health savings. By this, it will allow you to pay certain medical expenses that are free from taxes.
Health insurance is a significant investment that you should prioritize not only for yourself but also for your family. You never know when you might need it, so it’s best to ensure that you are prepared and covered (pun intended!) in case you might need it.
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