It is highly important to have the right health insurance policy both for you and your family members. To find out the plan, which suits to your needs, it is necessary to be aware of the different options. Here are the 5 main types of health insurance plans with which you need to be familiar. Learning about all these types will help you to be prepared for evaluating all the options available.
So, let’s get the details:
- PMO or Preferred Provider Organization: This is one such health insurance plan that encourages the users to use the network of preferred hospitals and doctors. These providers are mainly contracted to offer service to the plan members at a discounted or negotiated rate. Generally, the policy holder is not required to designate any Primary Care Physician but the person will have the option to see any specialists or doctors within the plan network available.
- HSA or Health Savings Account: This is not a conventional health insurance for individual. Rather it is a tax favored savings account, which is mainly used in conjunction with any HSA-compatible high deductible health plan to pay for qualifying the medical expenses.
- HMO or Health Maintenance Organization: With this type of best family health insurance plan, one generally has a lesser out-of-pocket expense along with less flexibility while it comes to choosing hospitals or physicians than other plans. In this plan, one may need to choose one primary care physician, who will look after all your health care needs. Therefore, you will need a referral from the PCP to see a specialist.
- EPO or Exclusive Provider Organization Health Insurance Plan: These plans are quite similar to the HMO plans as these plans have a network of physicians, which the members need to use in case of emergency.
- POS or Point of Service: This is one such plan, which combines the features of both PPO and HMO plans. Just like HMO, the POS plans may need you to select a Primary Care Physician from the network provider of the plan. Usually services rendered by this PCP are not subject to the deductible plans.
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