Four Different Kinds of Health Insurance and How They Compare
Choosing a Health Insurance is like picking the perfect pair of shoes that compliments your outfit while also fitting perfectly to your feet. It can be tricky, but once the right decision is made, you’ll feel comfortable and confident.
Health Insurance companies usually offer clients a few different plans. The more benefits the program provides, the more expensive it can become. Is opting for the most costly option always a good idea? Not necessarily.
Below is an example of four of the most common Health Insurance plans that most companies offer. Read carefully to get a better understanding of the to pick the one that best suits your needs and means.
PPO – Preferred Provider Organization Plans
The Preferred Provider Organization plan (PPO) is the most basic program offered by insurance companies. The plan gives you the freedom to select your own primary care doctor outside of the insurance company’s network. There’s also no need to get a referral from your doctor to see a specialist.
The PPO plan pays the full percentage of a doctor’s visit within their network. However, you still need to pay a small percentage for an appointment at a doctor that doesn’t fall in the company’s network. When visiting an out-of-network doctor, you have to file claims that will be sent to your insurance company for approval.
HMO – Health Maintenance Organization Plans
The Health Maintenance Organization plan (HMO) gives you access to a specific network of healthcare facilities and providers. You will receive a list of specific doctors in your area when you sign up for this plan, and your HMO plan will only cover the costs of these particular providers.
Besides, you won’t be able to make an appointment with a specialist without having a referral from the appointed primary care doctor. HMO’s only covers costs of specialists when you are referred to them by your doctor.
This specific plan doesn’t give you a lot of leniencies when it comes to picking a doctor you feel comfortable with. On the other hand, this plan has the least amount of paperwork to be done.
Just remember: If you visit a doctor out of the network, you are liable for the full cost of the appointment or emergency service fee.
Emergency/Hospital Health Plan
This plan is specially designed for members who don’t have any chronic illnesses and who would like an insurance plan in place for emergency cases like accidents. The program has very low premiums and appeals to much younger members.
A Hospital Health Plan doesn’t cover any costs made when visiting a doctor or obtaining medicine. It provides full cover for emergency surgeries and other hospital visits.
This plan certainly has excellent benefits when it comes to emergency and hospital visits. However, it doesn’t offer any bonuses when you have to see specialists or visit your primary care doctor. It’s not advisable for members over the age of 30, who have a few ailments to take on this plan.
All-Inclusive Health Insurance Plan
Definitely the most expensive plan of the standard four, the All-Inclusive Health Insurance Plan offers many benefits. This will include covering the costs of chronic medicine, surgeries, specialists, and primary care doctor visits.
With this coverage, you have the freedom to visit any doctor or specialists within or without a network. The all-inclusive plan is advisable for members who have chronic illnesses and who need regular, costly medical treatment.
In addition to the plans mentioned above, some Health Insurance Companies give members the option to add a savings plan. If, within a specified period you don’t make any claims; the insurance company can provide you a cash payout or a lower premium in years to come. Other benefits may include a discount on healthy foods, gym memberships, and even airplane tickets.
Making sure that you sign up for a plan that best suits your medical needs, your budget and your future health are essential. Instead of opting for the first available option, ask for recommendations, and browse around.
Understand exactly what kind of benefits your health insurance plan offers and ensure that you use it to its full capacity. Paying higher premiums offers you loads of benefits, and if you don’t use these benefits, your premium might just go to waste.
Before picking a Health Insurance Plan – investigate and then sign your name on the dotted line for a secure future.
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