Need Health Insurance? Here are 3 Popular Health Plans to Consider
With so many options, deciding what type of health insurance plan may be right for you can be confusing. Each health insurance plan contains different levels of coverage, benefits and rates. What’s right for you may not be right for someone else. Let’s cover some of the most common types of individual health insurance plans.
Health Maintenance Organization (HMO)
Upon enrolling in an HMO health insurance plan or ‘managed care plan’, you have access to a network of doctors and hospitals from which you must choose a primary care physician (PCP.) This physician will be your first contact for any of your basic health needs. Should you require a specialist, you will need a referral from your PCP. HMOs are generally the most affordable types of health insurance and have lower premiums or up-front costs. Many HMOs provide comprehensive health benefits including coverage for preventive care, emergency and hospital, prescription drugs and more.
Preferred Provider Organization (PPO)
A PPO features a network of doctors, hospitals and medical specialists similar to an HMO; however, it does not require you to choose a primary care physician or get a referral to see specialists. By negotiating fees with a network of health care providers, a PPO tends to cost you less when you receive care within that network. If you wish to see a provider outside of your PPO network you have the freedom to do so, but it could be at a higher cost. PPO premiums are generally more expensive than HMOs, but offer more flexibility. Medical services such as preventive care, hospital and emergency, specialists, prescription drug and more are usually covered under PPO plans.
Point of Service (POS)
Point of Service plans are a hybrid of both HMO and PPO plans that allow you freedom to control your own health care coverage and costs. When you need medical care, you have a few choices:
- Receive care through your primary care physician following HMO guidelines
- Receive care from an in-network provider under PPO plan coverage
- Seek care outside of HMO or PPO networks and receive out-of-network coverage
Which Plan is Right for Me?
Consider each type of health insurance plan in detail before ultimately choosing what’s right for you. As you can see, each insurance plan offers different features and benefits that are appropriate for certain lifestyles. Most plan deductibles and premiums can be adjusted to fit your budget and coverage level needs. Comparing health insurance quotes is a smart way to see what you’ll be paying before you’re enrolled, and will help you find the best value in your health care.
