Health insurance is very important as we know; but there are so many types of health insurance offered in the market and choosing the best one would be a big challenge. Here are some of the most common types of insurance policies that would help you to find out the best that suit your needs.
Health maintenance organization
A HMO is a health maintenance organization plan that works with a specified group of doctors and hospitals within the HMO network. The advantage of HMO plan is the lower office visit cost and the no limit deductible cost in case you are admitted to hospital. Based on the policy that you are participating, you will be also enjoying the waiving of pre-existing condition cause limitations. The only limitation for this plan is limitation of choices for doctors and hospitals covered under this network.
Preferred Provider Organization
PPO is very much similar to HMO and the main difference is there is no requirement for the participant to choose a primary care physician. You are also able to enjoy the limited or no deductible cost for hospital stay, and the network covered this plan is larger compare to HMO, thus a wider choice of physicians available.
Point of Service
POS allows you to pick a primary care physician with no discretion, but you have to pay a higher monthly premium compare to the previous insurance plans.
Traditional insurance plan
This type of policy will have a higher monthly premium and deductibles, you are also required to pay for the treatment cost up front and then claim from the insurance company in a later stage.
Although there are many choices when comes to health insurance plans, but choosing the right one for your family and yourself will be the primary concern. Choose a insurance plans that falls under your financial coverage, it is not necessary to have full coverage at this stage, but you can always consider to revise or upgrade the plan when you are afford for a higher premium plan.
Health maintenance organization
A HMO is a health maintenance organization plan that works with a specified group of doctors and hospitals within the HMO network. The advantage of HMO plan is the lower office visit cost and the no limit deductible cost in case you are admitted to hospital. Based on the policy that you are participating, you will be also enjoying the waiving of pre-existing condition cause limitations. The only limitation for this plan is limitation of choices for doctors and hospitals covered under this network.
Preferred Provider Organization
PPO is very much similar to HMO and the main difference is there is no requirement for the participant to choose a primary care physician. You are also able to enjoy the limited or no deductible cost for hospital stay, and the network covered this plan is larger compare to HMO, thus a wider choice of physicians available.
Point of Service
POS allows you to pick a primary care physician with no discretion, but you have to pay a higher monthly premium compare to the previous insurance plans.
Traditional insurance plan
This type of policy will have a higher monthly premium and deductibles, you are also required to pay for the treatment cost up front and then claim from the insurance company in a later stage.
Although there are many choices when comes to health insurance plans, but choosing the right one for your family and yourself will be the primary concern. Choose a insurance plans that falls under your financial coverage, it is not necessary to have full coverage at this stage, but you can always consider to revise or upgrade the plan when you are afford for a higher premium plan.
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