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Find the different kinds of Health Insurance Plans available with complete detail information.
Health Insurance Types:
In the United States, there are about five different types of health insurance available:
- traditional health insurance
- preferred provider organizations or PPOs
- point-of-service plans or POS
- health management organizations or HMOs
- health savings accounts or HSAs.
With so many types of health insurance, it may be confusing trying to figure out which one best fits your needs, so thoroughly research each and speak with a professional if you need clarification.
Traditional health insurance plan:
Traditional health insurance is the one that most people think of when they think of health insurance. You pay the insurance company a premium every month, and if you have an accident or need for health coverage, you have a deductible amount you must pay and then the insurance company picks up the rest of the bill. You often have an inexpensive office and/or prescription co-pay with traditional health insurance.
Preferred provider organizations or PPOs:
With people living longer, health insurance companies began to look for more ways to reduce their costs, developing different health plans such as PPOs (Preferred provider organizations).
PPOs (Preferred provider organizations) are plans which will cover nearly all of your medical expenses as long as you stay within a preferred network of physicians or hospitals.
This network creates a “preferred provider” list that you can choose from. Treatment outside this network of providers is covered but only at a reduced rate, meaning you end up paying more to see a physician outside the network.
By limiting the physicians and hospitals covered in their network, the insurance company can control, to an extent, their costs and lower your premiums.
Point-of-service plans or POS:
POS (point-of-service plans) plans work like PPOs (Preferred provider organizations), but require you to have a primary care physician through whom you can receive referrals for specialists.
For example, if you need to see a neurologist or a dermatologist, you must first visit your primary care physician for an initial diagnosis in order to receive a referral to a specialist for a more thorough diagnosis.
POS (point-of-service plans) plans also have a preferred provider network, and if you choose to visit a specialist or physician outside that network, your coverage will be limited.
Health management organizations or HMOs:
HMOs (health management organizations) combine a stricter version of PPOs (Preferred provider organizations) and POS (point-of-service plans) plans. HMOs (health management organizations) have a defined list of physicians, often much smaller than PPO (Preferred provider organizations) networks, which you may see.
You will not be covered at all if you see a physician outside your HMO (health management organizations) network.
Furthermore, you must also get a referral from your primary care HMO (health management organizations) physician to see any specialist.
However, these restrictions mean that you pay an extra low or no monthly premium.
Health savings accounts or HSAs:
HSAs (health savings accounts) were recently signed into law by President Bush. You can deposit money into a special non-taxed, interest-gaining savings account that must be used for medical expenses.
The ideal situation for an HSA (health savings accounts) is to combine the account with a low-cost, high-deductible insurance plan. The savings account is designed to allow you to cover the high deductible if you find the need to cover expensive medical costs while the insurance company will pick up the rest of the bill.
Again, it is important to carefully consider each option before choosing a single health insurance plan. Your health is important—make sure it is protected in the best way possible.
Health insurance should not be taken lightly. Be sure you understand every aspect of your policy before deciding with any one particular company.
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