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Types of Health Insurance Plans Buying health insurance can sometimes prove to be a challenge. Understanding which insurance plan is the greatest or which insurance company to select may initially seem confusing. However when you know the basics of health insurance, selecting the most appropriate medical insurance plan is straightforward. It is vital to be knowledgeable of the different types of health insurance plans as well as their pros and cons. Plans differ in the amount you pay out of pocket, which doctors you can go to, and how the insurance bills are paid for. Below are examples of three health insurance plans. Health Maintenance Organization (HMO)
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Typically, HMOs have low or no deductible as well as the copayments will be relatively low too. You pay a monthly premium that provides you with access to coverage for emergency care, hospital stays, physician appointments, evaluations, X-rays, and treatment. You would need to pick a primary-care-physician (PCP) within your insurance provider’s network of physicians, and in order to see a specialist, you should be given a referral out of your PCP. Under an HMO plan, only visits to hospitals and doctors within the insurance company’s network are covered; you’ll have to cater for visits should you head to out-of-network doctors or hospitals as your insurance won’t cover the expense.
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Preferred-Provider-Organizations (PPO) Plans Plans under a Preferred Provider Organizations program, you’ll use the insurance company ‘s network of hospitals and physicians for any supplies or services you require. These healthcare providers happen to be contracted by the insurance company to provide services at a discounted rate. Typically, you are going to have the ability to select doctors and specialists in this network without needing to pick a PCP or get a referral. Before the insurer starts paying for your medical bills you’ll normally have to pay an annual deductible. Also, you could have a co-payment for a number of services or be required to cover a percentage of the total medical expenses. Point-of-Service (POS) Plans A Point-Of-Service plan is a blend of the features provided by PPO and HMO plans. You’re expected to pick a primary care physician, whose services usually are not generally subject to your deductible, but your PCP can refer you to out-of-network specialists whose services is likely to be partially covered by your insurer. Furthermore, POS plans usually offer coverage for preventive healthcare, which includes regular check-ups. Your PCP will be capable of providing you with referrals for any specialists. If these specialists are out-of-network you’ll need to pay out-of-pocket and then make a reimbursement application from the insurance company. With a Point Of Service plan you can have greater flexibility in selecting health care providers, much like PPO and will profit from a number of the savings of an HMO.