What Types of Health Insurance are There?
Shopping for medical coverage can be a headache if you aren’t informed. That’s why it’s important to know what types of health insurance are there available, and what each of them have to offer. Below, we have compiled a list of the most popular types of plans, along with an explanation of their features.
Preferred Provider Organization (PPO) If you need a plan that provides you with the most flexibility, a PPO is ideal. These plans provide you with coverage whether you visit a medical provider in their network or not. This means you can pick and choose your own Dr or Hospital and not be restricted or need a “referral” from your primary Dr to see a specialist. However, even though it is covered, coverage is higher for those who are considered out of network.
Health Maintenance Organization (HMO) These managed care plans offer large savings by keeping your medical care provider choices fairly restricted and requiring no deductible. Providers must always be within the HMO’s approved network, and you must select a primary care physician.
Exclusive Provider Organization (EPO) With an EPO, you also need to use medical care providers within a network. Emergency medical treatment is the single exception. The main difference between an HMO and EPO is that you aren’t required to choose a primary care physician, and you don’t need their referrals to specialists. It is also up to you to find the hospitals and doctors within the approved network.
Health Savings Accounts (HSA) If you want to save money for medical expenses without worrying about taxes, an HSA gives you that option. However, in order to qualify, you first need a high-deductible policy and no other health insurance. This type of plan is ideal for covering catastrophic, emergency medical bills rather than regular care. As such, HSA’s can be cost-effective options for small businesses.
Point Of Service (POS) In a POS, you select a primary care physician. This doctor handles your usual check-ups and medical treatments. If you ever need the care of a specialist, a POS allows you to choose any one you like.
Fee For Service (FFS) Taking on the features of classic indemnity insurance, FFS plans require you to make the initial payment for your medical costs. Then, once you’ve filed a claim, the insurance provider will give you recompense.
If you’re still trying to decide which type of plan is best for you, contact us. We’ll put you on the line with one of our insurance experts who can make it all clear.