Ready to purchase health insurance. Which plan is right for you?
Purchasing the right health insurance can be confusing. There are so many different types of coverage it can be difficult to purchase the right one. Here is a brief overview of different types of health insurance coverage to get you started.
HMO
HMO stands for Health Maintenance Organization and it is one of the most common forms of health insurance available today. Generally, cost is low with an HMO plan, however using an HMO plan can be confusing. It has many complicated use procedures.
FFS
An FFS plan is a Fee for Service plan. These plans are less common today, however, some health insurance companies still offer them. The benefit of this plan is your ability to choose your own physician or specialists. However, you will have to pay your own deductible and also costs are paid by you up front.
PPO
PPO stands for Preferred Provider Organization. A PPO uses a network and will offer you a list of physicians and hospitals you can access for service. You usually do not need a referral to see a specialist and you can see a doctor outside of the network, although it can cost more money. This plan is inappropriate for many people to purchase because it is more costly than other plans.
POS
POS stands for Point of Service Plan. A POS plan has a network, however it is usually more flexible when it comes to you selecting a family physician. This plan also concentrates more on preventative care than other plans. With this plan, you will have to choose a primary physician even if you rarely visit him or her and you will receive little reimbursement for visiting physicians outside of the network.
Before you purchase health insurance make sure that you know what you are paying for. Read the fine print and know about any other money that you will have to pay, such as deductables. Spend a lot of time on research before your purchase and it will pay off in benefits later!
