Finding the right health insurance plan can be a stressful and complicated process. There are so many different varieties with different kinds of coverage and expenses. But health insurance is important and it’s something we all need. So it’s worth your time to explore your options and make sure you’re getting the right coverage. In this article, we’ll break down the different kinds of health insurance plans in a simple and easy to understand manner.
Health Maintenance Organization (HMO)
An HMO is the most common type of health insurance plan. With this plan, you are required to select a primary care physician (or PCP) and any visits to specialists outside of the provider require a referral from your PCP. It will cover almost all types of preventative care, but visits of a non-preventative nature will most likely require a copayment. This type of plan is ideal for any individual or family who likes to make regular visits to their PCP.
Preferred Provider Organization (PPO)
PPO’s are slightly more casual. You are not required to have a primary care physician, and similarly, you do not need a referral to see a specialist. But this means that you will have to pay a copayment for all non-preventative care, in addition to an annual deductible. This is an ideal plan for individuals or families who plan on visiting specialists regularly.
Exclusive Provider Organization (EPO)
With these plans, you have access to all providers and specialists, as long as they are within the designated EPO network. These kinds of plans are great for people that would rather not rely on a primary care provider and are similarly fine with only being able to visit providers and specialists within a specific network.
Point of Service plans (POS)
POS plans are essentially a combination of HMOs and PPOs. With POS plans you will most likely have to choose a primary care physician. But, you’ll still be free to visit some providers outside of the designated network as long as you’re willing to pay slightly more out of pocket. This kind of plan can be beneficial for someone that wants to have some flexibility with their choices.
High Deductible Health Plan (HDHP)
These plans can take all kinds of forms and at different times look like any of the other plans listed before it. As stated in the name, these plans involved high deductibles, but are preferred to some as they have low monthly premiums. So if you don’t plan on visiting a provider all that often, this could be a good plan for you.
So there you have it. Those are all the different kinds of health insurance plans available today. I hope this was helpful to you and if you have any further questions you should contact a health professional.