Different Health Insurance Plans
There are literally hundreds of different types of health insurance policies. But here are the most common:
- Health Maintenance Organization (HMO) Plans are the most affordable and allows you to get routine health care without paying the high costs. The downside to this health insurance plan is that you have to choose your doctor and other healthcare providers from a list called a network. To get a doctor out of your network, you need to go to a doctor in your network and get a referral.
- Preferred Provider Organization (PPO) Plans are like HMO plans but also allow you to see doctors and other healthcare specialists out of your network. To visit doctors outside of your network, is more expensive but gives you more flexibility. PPO plans can be more expensive but you do not have to worry about getting a referral to see another doctor. Also this type of plan will allow you to get a Health Savings Account which is great for saving money and covering health insurance costs. Health Savings Account never expire, provide you tax benefit and works as a long term investment.
- Point of Service (POS) Plans are a combination of PPOs and HMOs. With this health insurance plan you choose a primary doctor out of the network but can also see any doctor or healthcare provider outside of the network. Again, this type of policy is more expensive then HMOs but is more flexible.
- Indemnity Fee for Service (FFS) Plans are the most expensive but gives you the greatest amount of flexibility. You can see any doctor for healthcare needs. At the time of the visit, you pay for the service and then get reimbursed by your insurance company.
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