health insurance hmo ppo
health insurance hmo ppo
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However, if you still prefer to acquire either the HMO or PPO and do not want to change its features even though you don’t have the kind of money that will allow you to pay its premiums, there are some ways you can do to make it more affordable according to your budget. They do not necessarily mean low cost medical insurance premiums but rather easier on the pocket monthly premiums.
Here’s how:
First, is by increasing your deductible. The deductible is the annual cost incurred before you can avail of the coverage paid by the insurance. Higher deductible could result to lower monthly premiums and can save you as much as hundreds of dollars a year.
Second, is by increasing co-payment. You can also lower your monthly premiums by choosing an insurance plan that has higher co-payment. Co-payment is that which you pay to your doctor for every visit.
You have choices when it comes to health insurance plan types. First is the HMO, or health maintenance organization. This plan has its own hospitals and doctors by whom you can avail of the medical services at a price point. This means also that you cannot see or consult other doctors who are not part of the plan because they will not be covered by the insurance company. HMO plan is one of the best choices if you are looking for an affordable health insurance plan.
PPO, or preferred provider organization, is another type. In this plan, you can consult other doctors who are not affiliated with the insurance company. You can also check with specialists even without the referral. The quality of medical care is often better than HMO, but of course, it is also more expensive.
Since you are looking for an affordable health insurance plan, you need to obtain multiple quotes to compare insurance companies. However, it is hard to get a good rate from these companies unless you use online tool, such as from independent sites. These sites can be found and are often not affiliated with insurance providers. They collect and collate insurance companies from a specific state and offer services of free online quotes.
And third, is by increasing your co-insurance. The co-insurance is that percentage of medical bill required for you to pay for every time you avail of medical care covered by the plan. It will help reduce your premium cost if you choose a plan that has both co-payments and co-insurance, with the latter that can be applied to medical procedures not within the plan.
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Health insurance plans EPO/POS/PPO versus HMO?
Which one is better for what scenarios? Which category do the best doctors mostly choose?
There has been so much blurring of the lines with health insurance categories over the years that it’s difficult to make generalizations. But in general, if you are the kind of person who wants to select your own doctors and doesn’t want to be bothered with getting a referral to see a specialist, then a PPO style plan might be best for you. On the other hand, if you like the idea of having a stable primary doctor who can then refer you to see specialists, an HMO might work. Both categories may provide coverage for preventive care, checkups, etc. You’ll want to check into the details of the health plans you’re considering.
Doctors don’t necessarily prefer one type of health plan over another, and in fact some doctors will participate in multiple health insurance plans that may follow both models. You can find great doctors either way.
As a rule, you don’t need to worry too much about different categories of health plans. Instead, think about the specific benefits that are important to you. And think about how much you are willing or able to pay for a monthly premium, for copayments, for deductibles. If you’re looking for a good resource to help you choose a health insurance plan, take a look at my company’s website, eHealthInsurance.com. It’s a free service. You can look at the health insurance options in your area, compare plan rates and benefits side by side, and make sure your favorite doctor is covered. You can also talk to a licensed agent (800-977-8860) and apply for coverage online.
Good luck.
- Amir M, licensed agent
