In addition to HMOs and PPOs, there are certain other types of health insurance plans you need to be aware of. Read on to learn how EPOs, high-deductible plans and short-term insurance can help you obtain the right amount of coverage.
This plan offers a list of providers within a network that you can choose from. These are the only providers you can get health services from unless there is an emergency. EPO plans do not give you an option to get services from out-of-network health providers unless at your own cost.
The plans may have annual deductible and maximum out-of-pocket amounts.
High Deductible Health Plans (HDHP)
HDHP plans are cheaper than other types of health insurance plans but require you to pay a high deductible before the insurance chips in.
In addition to having cheaper premiums, you can qualify for a health savings account, whereby you save more on your medical expenses. Money in the health savings account can be used to cater for qualified medical expenses without being taxed.
Point-Of-Service Plans (POS plans)
The POS plans offer more flexibility than other types of plans in terms of where you can get health care services. In this plan, you can visit out-of-network providers at a higher cost.
Visits to the designated primary provider, as well as referred specialists, may not attract a deductible. However, you will need to pay the deductible first if you visit out-of-network providers.
Short-Term Health Insurance Plans
These plans are almost similar to supplemental health insurance plans. They are often meant to cater to major illnesses or accidents. They do not cover for every medical situation, pre-existing conditions, maternity care, prescriptions, or preventative care. The terms of this plan differ from one insurance company to another.
With this information, you will be in a better position to know the plans that suit you most.