Health insurance is a necessity for a lot of people, especially those in countries that do not have universal healthcare or who cannot get insurance through their employers. When shopping for health insurance, you might find that there are a lot of different options available. All these options come with varying levels of coverage, so here we are going to look at the different types of health insurance available. This way, you will be better informed when you are shopping around. Be sure to keep reading to find the best online health insurance quotes below:
The Two Main Types
The two main types of health insurance include private health coverage and government or public health insurance. Private health insurance is where the individual pays for their own insurance by selecting a provider who covers everything that they need coverage for. Public or government health insurance involves the government subsidizing part or all of your health insurance costs. In the context of the United States, Medicaid and Medicare are the best examples to cite.
There are other types of health insurance coverage and we will look at them below.
Health Maintenance Organizations
Also known as HMOs, health maintenance organizations give you a list of hospitals, doctors, and different healthcare facilities that you can choose from. You are also required to choose a primary care provider from the list provided to you.
Your primary care provider is your primary source of healthcare and you need to get a referral if you would like to see another in-network specialist. As long as you visit the doctors and healthcare facilities in the network you chose, your health insurance cost will remain relatively low.
Exclusive Provider Organizations
Exclusive provider organizations (EPOs) give you a network of providers to choose from. These plans do not cover the healthcare you get from doctors or facilities that are not in the network, except in emergency cases.
Depending on your plan, you might not have to choose a primary care provider and you do not need a referral to see an in-network specialist.
Point of Service Plan
These plans are a mix of HMO and EPO plans. In Point of Service Plans, you get access to a smaller provider network with the cost of in-network care being very low. You are also required to choose a primary care provider and to ask for a referral to see a specialist who is either in or outside the network.
Preferred Provider Organizations
These plans give you a bigger pool of specialists and facilities to choose from. You can see providers who are outside the network but you have to pay more out of pocket for those services.
You do not need to have a primary care specialist and do not need a referral to see any specialist.
Which Health Insurance Option Is Better for Me?
Before you can choose a health insurance plan, it is important to understand your needs. If you are young and healthy, you likely do not visit the doctor often, so plans with higher deductibles are better for you as they usually have lower premiums. If you need more than preventative care, choose plans that have lower coinsurance and deductibles. If you do not know which providers are best for you, try getting health insurance quotes online. By doing this, you will be able to compare different insurance providers and therefore save money while getting the coverage you need. Getting health insurance can be difficult because there are so many options to choose from as well as terminology to understand. Do talk to a health insurance expert so they can explain to you what your options are and what these terminologies mean.