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What You Need to Know About the Types of Health Insurance Plans

17 September, 2013



There are several kinds of health insurance plans that you purchase. The coverage of the health insurance plan depends on its kind. Generally, you will find four major kinds of health insurance plans that are described beneath.

Preferred Provider Organization (PPO):

The Preferred Provider Organization, or “PPO”, is a mixture of conventional fee-for-service and an HMO. You’ll have limited number of physicians and hospitals to choose from. The insurance companies cover most of your medical expenses. You will be provided with the card to ensure that you don’t have to fill out the form while visiting a doctor. Generally there is a small co-payment for every visit. You may need to pay deductible and co-insurance amounts.

Health Maintenance Organization (HMO):

A Health Maintenance Organization, or “HMO”, is a prepaid health plan. You’ve to pay monthly premium. In exchange, it offers comprehensive health care for you and your family, including doctors’ visits, medical center stays, unexpected emergency care, surgical procedure, laboratory (lab) tests, x-rays, and therapy. The HMO arranges for this health care either directly in its own group practice and/or via physicians as well as other health care professionals below contract. Generally, your choices of physicians and hospitals are limited to those that have agreements with the HMO to provide health care. Nevertheless, exceptions are made in emergencies or when medically essential.

Free-For-Service Plans (FOS):

Free-for-Service or Indemnity Plansare the oldest type of health coverage available, providing you with the best extent of versatility. You are completely free to decide on the doctor, specialist, surgeon or even the place you will receive your medical service from and it doesn’t require any approvals or referrals from other institutions. The downside of Fee-for-Service Plans is that they are fairly expensive and usually have higher deductibles than managed care plans. In addition to, you will also need to pay a big part of one’s actual medical bill out of pocket. That is the price you’ve to pay in order to acquire the flexibility provided by these plans.

Point-Of-Service Plans(POS):

POS, or Point of Service Plan, is definitely an indemnity choice. This means that if a doctor refers you to a different healthcare provider outside the health plan, the insurance company will pay most otherwise all the medical expenses. If you refer yourself to health companies beyond the plan, you will still be covered, but you will have to pay co-insurance payments.

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