Having the correct medical coverage for you and your family is critical. Keeping in mind the end goal to help you discover the arrangement that fits your requirements, you have to know your diverse choices. Here are 6 Types of Individual & Family Health Insurance Plans you ought to be acquainted with. Knowing these arrangements sorts will set you up for assessing choices accessible in the new Health Insurance Marketplaces coming in October 2017.
6 Types of Individual & Family Health Insurance Plans
- Preferred Provider Organization (PPO)
- Health Maintenance Organization (HMO)
- Health Savings Account (HSA)
- Point of Service (POS)
- Exclusive Provider Organization (EPO)
- Indemnity Plans
#1. Preferred Provider Organization (PPO) Health Insurance Plans
A PPO plan is a Preferred Provider Organization. With a PPO arrange, you are urged to utilize a system of favored specialists and doctor’s facilities. These suppliers are contracted to give administration to arrange individuals at an arranged or marked down rate. You by and large are not required to assign a Primary Care doctor but rather will have the decision to perceive any specialists or authorities inside the arrangements organize.
You for the most part have a yearly deductible that you would be required to pay before the insurance agency starts covering your hospital expenses. You may likewise have a co-installment for specific administrations or a co-protection where you are in charge of a rate of the aggregate charges of your therapeutic costs.
A PPO may be a good option for you and your family if you:
- Need flexibility when choosing physicians and other providers
- Want the burden of obtaining a referral to see a specialist
- Like the balance of greater provider choice versus lower premiums
#2 Health Maintenance Organization (HMO) Health Insurance Plans
A HMO is a Health Maintenance Organization. With a HMO arrange, you by and large have a lower out-of-pocket cost additionally have less adaptability in the selection of doctors or healing centers than different arrangements. A HMO may oblige you to pick an essential care doctor (PCP). With a PCP, they will deal with the vast majority of your social insurance needs. For the most part to see an authority, you should get a referral from your PCP.
With a HMO, you by and large will have scope for a more extensive scope of safeguard administrations than you would have through an alternate arrangement. You could conceivably be required to pay a deductible before your scope begins. By and large you will have an insignificant co-installment. There are for the most part no claim structures to record on a HMO. The primary concern you will need to remember is that with most HMO arrangements you have no scope on the off chance that you go outside of your system without legitimate approvals from your Primary Care Physician (PCP) or in instances of certain crisis circumstances. You can pay insurance bill payment in online easily with more secure.
An HMO may be a good option for you and your family if you:
- Prefer lower premiums
- Like the trade off of in-network services
- Desire good preventive services such as coverage for checkups and immunizations
#3 Health Savings Account (HSA) Health Insurance Plans
A HSA is a Health Savings Account. It is not really a health plan. A HSA is a duty favored bank account that is utilized as a part of conjunction with a HSA-good high deductible wellbeing plan to pay for qualifying therapeutic costs.
A HSA-perfect health plan may help you spare cash. For the most part the month to month premium is less costly than the month to month premium for a lower-deductible plan. The commitments to a HSA might be made pre-impose, up as far as possible set by the IRS. Unused subsidizes in a HSA account part over year to year and gather intrigue, tax exempt. Assets might be utilized for other life occasions too yet may cause punishments and enthusiasm to be paid.
An HSA may be a good option for you and your family if you:
- Want to have greater control over when, how, what and how much for care
- Seek the balance of higher deductibles versus greater control
- Would like to save money tax free for current and future medical expenses
#4 Point of Service (POS) Health Insurance Plans
A POS is a Point of Service Plan. POS arranges consolidate components of a HMO and a PPO arrange. Much the same as a HMO, POS arrangements may oblige you to pick a Primary Care Physician (PCP) from the arrangement’s system suppliers. For the most part administrations rendered by the PCP are not subject to the arrangements deductible.
In the event that you use secured administrations that are rendered or alluded by your PCP you may get the more elevated amount of scope. In the event that you use benefits by a non-arrange supplier, you might be liable to a deductible and lower level of scope. You may likewise need to pay in advance and present a claim for repayment.
A POS may be a good option for you and your family if you:
- Need flexibility when choosing physicians and other providers
- Desire primary care physicians to coordinate care
- Like the balance of greater provider choice versus lower premiums
#5 Exclusive Provider Organization (EPOs) Health Insurance Plans
An EPO is an Exclusive Provider Organization. EPO arrangements are like HMO arrangements since they have a system of doctors their individuals are required to use with the exception of on account of crisis. Individuals will have a Primary Care Physician (PCP) who will give referrals to in-system masters. EPO individuals are in charge of little co-installments and may require a deductible.
An EPO may be a good option for you and your family if you:
- Like the balance of less provider choice in exchange for lower rates
- Can find the right services with a smaller panel of providers
- Can afford potentially higher costs for unplanned events
#6 Indemnity Health Insurance Plans
Reimbursement well being arrangements are known as Fee-for-Service arranges in light of pre-decided sums or rates of costs paid to the part for secured administrations. The part might be in charge of deductibles and co-protection sums.
Much of the time the part will pay first out of pocket and afterward document a claim to be repaid for the secured sum.
An Indemnity Plan may be a good option for you and your family if you:
- Seek high levels of flexibility and choice for doctors and hospitals
- Are fine with the balance of higher rates in exchange for more service control
- Can accept the burden of potentially increased administrative activity for referral and claims paperwork
Author Bio: Loganathan Chakkaravarthy is founder of ebillpayment.com. He is more passionate on blogging. He is a coffee lover. He has a graduate in Computer Science & Engineering in Anna University, Chennai. eBill Payment is a website, where you can learn how to make the TNEB online bill payment and other mobile, electricity, broadband connection, credit card bills and other utilities easily.