Are you looking for a new health insurance plan? You’ve come to the right place. We’ve listed the different types of insurance plans below so you can pick the right one based on your health care needs and budget:
Health Maintenance Organizations (HMOs)
– The least amount of paperwork when compared to other plans.
– Limited freedom to pick your health care providers.
– A primary care doctor, who will look after your health care needs and give you a reference to consult a specialist so that it is covered by the HMO (you need a referral before visiting a specialist).
– You can consult any doctor in the network of your HMO. You may have to pay the entire bill yourself if you decide to see a doctor who’s not part of the network.
Preferred Provider Organizations (PPOs)
– If you see out-of-network providers, you may have more paperwork to do.
– Your out-of-pocket expenses will be higher if you consult out-of-network doctors.
– Moderate freedom to pick your healthcare providers.
– To consult a specialist, you don’t need any reference from a primary care doctor.
– You can see any doctor who’s a part of your PPO network. However, if you consult a doctor who isn’t in the network, you may have to pay for the bills yourself.
Exclusive Provider Organizations (EPOs)
– No coverage for any out-of-network providers.
– If you consult a doctor that isn’t a part of your network, you’ll have to pay the entire amount yourself (unless it’s an emergency).
– The same insurer may offer a lower premium than a PPO
– Moderate freedom to choose your healthcare providers
– No referral needed to consult a specialist
– You can see any doctor who belongs to your EPO’s network.
Point-Of-Service (POS) plans
– Moderate paperwork if you visit healthcare providers who aren’t in your network
– More freedom to select your healthcare providers when compared to an HMO
– A primary care doctor who gives you referrals for specialists and coordinates your care
– You can consult the in-network healthcare providers that have been referred to you by your primary care doctor. You can even consult out-of-network doctors, but you’ll have to pay more for their services.
