Health Insurance – The 3 Major Types of Health and Medical Plans
Health insurance is deemed as a serious issue. But it’s not only serious in the sense that elderly population is on the rise. But the crux of the matter is this: just when an average worker goes on a fixed income and no longer affords to settle payments for private health coverage, medical bills are likely to go up in skyscraping amounts. This is when medical insurance will come to save the day.
There may be a lot of considerations and specific terms and conditions to take into account, but the good thing is numerous health coverage are up for grabs for those who are in search for medical assistance plan that will suit both their funds and needs. To provide you of a bigger and clearer picture, the following are types of medical plans together with their brief descriptions:
PPOs (Preferred Provider Organizations)
This is a type of health coverage that gives you an incentive to remain under a specific insurance company’s coverage by necessitating only a least amount of co-payment if you agree to consult a network doctor under the insurer’s directory. Then again, if you choose to see a doctor that is out of the network, you would have to pay for a bigger amount of co-payment. Preferred Provider Organizations lets an insured consult other specialists even without their consent, however, should anything happen to you, your insurer won’t be liable to it. And, that includes any preventive measures. PPO’s terms and conditions are complicated, so better be sure that you know a few things about this insurance type. Don’t forget to ask questions and learn which cases are covered and which are not. So in the end, you won’t be wasting your hard earned money for something that you do not know anything of.
HMOs (Health Maintenance Organizations)
This is considered as that most economical and cheapest of all insurance types. Apart from this, HMO is also flexible in terms of insurance coverage. Unlike PPO, preventive care services are covered by the plan with lower co-payment rates. However, in exchange to all the flexibility, convenience, and affordability this insurance provides, you as the insured must only see and consult approved medical specialists. You are also required to seek permission from a network physician prior to consulting other professionals in the medical field.
POS (Point-of-Service) Plans
This is also known as an open-ended HMO or PPO where an insured is permitted to use other health providers’ plans and are likewise encouraged to get health services from networks that are outside the coverage. However, you will be asked to pay for heftier co-payment or deductible costs. In POS, if you want your insurer to get you covered from everything that concerns your medical expenses, your health insurance plan requires you to use your primary physician for you to be able to get referrals to other medical specialists. So, if you want an insurance that will cover even the preventive care services and the rest of your medical bills, going for Point-of-Service health plans will help ease your medical burdens and worries.
Source by Jared D. Ingram