Navigating the different types of health care plans – When choosing between different health care plans for you and your loved ones, it’s important to look at all the details. One of the decisions you need to make is what type of plan is right for you. The options are Health Maintenance Organization (HMO), Preferred Provider Organization (PPO), Point of Service Plan (POS), or Exclusive Provider Organization (EPO). Each of these health care plans has different advantages and disadvantages, so it’s important to determine what factors are most important to you.
Health Maintenance Organization (HMO)
One of the two most common types of insurance, these plans generally have lower monthly payment costs and lower deductibles. They also have more limited provider options. Within their covered networks and require that participants choose a primary care provider. Health care plans in this category generally won’t cover out-of-network care except in an emergency and may throw on additional fees.
Preferred Provider Organization (PPO)
The other most common type of insurance, these health care plans will give you more flexibility at a higher cost. You can see your doctor of choice without first going to a primary care provider for a referral. There is also some non-emergency doctor and hospital coverage outside the network, though your coverage is better in the network.
Point of Service Plan (POS)
A Point of Service Plan is like the fusion between an HMO and a PPO. Health care plans in this category will generally offer more options than an HMO but will have lower costs than a PPO. There will likely be some options for out-of-network care, depending on the plan, but your out-of-pocket costs will be higher.
Exclusive Provider Organization (EPO)
If you’re really against the idea of choosing a primary care provider, this may be the right category for you. On the downside, these health care plans have no option for out-of-network doctors, specialists, or hospitals. Even in the network, all visits will require referrals.
Within each category, there will also be different levels of cost and availability depending on the individual plan. When it comes to choosing between the variety of health care plans that are available, there’s no right or wrong answer. If you’re having trouble deciding between different options, however, expert advice can often help make your choice easier.
For more information about the different health care plans out there. Get in touch with Miller Insurance Management before making any decisions.