We explained health insurance and how to choose health insurance in earlier articles. Health insurance is a better investment and it helps in critical situations in life. Our health condition is changing always and no one knows when will we get sick. So it is better to keep a backup plan to face those situations.
It is not just a simple thing to start insurance plan spending your money. If you have no any advantage from your insurance, there is no need health insurance. So you have to think twice before choose one. Good health insurance full fill your expected needs and if you choose an incompatible plan, you have to suffer the loss. So I think it is very important to identify what is the best health insurance plan for you. You can study regarding different types and ask from your service provider regarding the benefits of your insurance plan. Then choose the best insurance type for you according to your needs.
Health Maintenance Organization (HMO)
In HMO insurance type, health care providers offer all facilities through their network. This insurance type allows you to choose your health professionals and has minimal paperwork than other insurance types. You can take treatments from primary care doctors and if you want to take a service from specialists, you have to take a referral from your primary doctor. The HMO type covers your whole treatments within the network. But if you go out of network you have to pay out-of-pocket money for the whole treatments.
Payments – You should pay a premium each month for your insurance. Deductibles (out-of-pocket costs that you must pay before your insurance coverage starts) also a payment that you have to spend. Your insurance plan may want to pay deductible payment before covers care without preventive care. Copays [payment that you pay when getting care] or co-insurance [ paying a percentage of the charges for care]. The payments differ according to the insurance plan.
Preferred Provider Organization (PPO)
In this type, you don’t have to take a referral from your primary care doctor and you are free to determine your health care provider more than the HMO type. If you take treatments from out of network, your out-of-pocket cost and paperwork are higher. You can take treatments from doctors included the network and out-of-network, but then you have to pay more money.
Payments – Premium in each month. You have to spend a higher deductible when you go to an out-of-network doctor. Copay or coinsurance also should pay. If you go out-of-network for treatments and they charge higher amount more than the network you may have to settle the balance of the payment which pays by insurance. There is much paperwork in out-of-network and no needs the paperwork within the network.
Exclusive Provider Organization (EPO)
No referral from a primary care physician is required to see a specialist. You are moderately independent to choose a specialist. If your treatments or service does not include the network, your cost cover though you go out of network. But if you go to out-of-network due to another reason, you have to cover up all your cost. Though in same insure, offers a lower premium than the PPO type. Any service provided within the network are covered and no coverage for out-of-network.
Payments – Premium and in some EPOs have deductions also. Copay or coinsurance. When you go to out-of-network have to pay full cost for the treatments. There is little much of paperwork.
Point-of-Service Plan (POS)
POS is a combination of the features of HMO with a PPO. There is a freedom to choose your health care providers more than the HMO type. When going to out-of-network care, the paperwork is moderate. Your primary care doctor refers you to specialist treatments. In this type also you can take treatments within the network and if you take treatments from out-of-network you have to pay out-of-pocket money.
Payments – The premium, deductible, copays or coinsurance are the payments you have to pay in this health insurance type. When you go to an out-of-network doctor, deductible, copayments and coinsurance are higher.
You can submit a claim to your POS plan and then they pay you back your cost that you pay for treatment in the out-of-network.
This is for people who under the 30s. If you are under 30 years old, you can buy this type of health insurance. This has a lower premium. Before applying the deductible, gives primary care visits. Though you do not complete your deductible, gives free preventive care. In this type also you can visit any doctor within the network. But there may some rules have in the individual insurance types, when visiting the specialists.
Payments – Same to other types, premium, Deductible [ after complete your deductible, insurance plan covers 100% of your medical expenses.
High-Deductible Health Plan With or Without a Health Savings Account
In the high-deductible health plan (HDHP), you can pay less for your insurance same to the catastrophic plan. With the HDHP plan, you may have one of HMO, PPO, EPO, or POS plans. The insurance plan covers 100% of the cost if you arrive at the highest amount of out-of-pocket money amount. In this type, you may have a health savings account (HSA) and it will help to pay your costs. There is no tax for your money that put to the HSA. So you can use it without taxes for medical costs. For a start an HSA, you should register for the HDHP insurance plan.
The doctors who you can take treatments in this differ according to HMO, POS, EPO, or PPO plans. The premium of this is lower than the other types. Though you haven’t completed the deductible, your preventive care is free like other plans. when you take medical care, you have to spend all your expenses up to your deductible apart from the preventive care. Keeping the payment receipts help you to withdraw money from your HSA.
These are the types of health insurance. It is better to know the best insurance type suitable for you before choose one. Then you can identify which one is the fulfil your needs. Compare all these types and choose the best type of health insurance for you.
For more information regarding health insurance or other health topics, search helabeauty.info website.