Getting a health insurance is very important for every individual. Whether you are in your teenage years, or are entering your adult life, health insurance is something that is unavoidable. The world is full of uncertainties and you would not want to come at the end of the bad times. While this is very significant for each individual, it is equally difficult to get the right insurance plan for yourself.
People often feel that every insurance plan is more or less the same and it would be very easy to get the insurance policies. However, this is not necessarily the case. People need to understand that each insurance policy is different in its own way and offers completely different things. Hence, it is important to analyze each insurance scheme separately, see what it is offering, and then make an informed decision. Let’s have a look at some of the common insurance plans and how they are different from each other.
Health Maintenance Organization (HMO)
Health Maintenance Organization are those insurance schemes that charge the lowest premium as opposed to other plans. In this insurance plan, the insurance holder will get a chance to choose their own physician. This physician will not charge him/her for any non-emergency situation. This is an ideal situation as the person will be saved from all the costs that are associated with the regular checkups. However, in case the situation is serious, and the patient needs to visit a specialist, they will need a referral from their primary doctor.
Preferred Provider Organization (PPO)
All those events that happen outside your inner network are handled by the PPO. This insurance scheme does not require the referral of any primary doctor. Let alone, there is no choice of a specialist or a primary doctor in this case. There are abundance of provider options under the PPO.
Point of Service Plan (POS)
Point of Service Plans are a mix and match of both PPO and HMO. It gives the insurance holder the choice to choose a primary doctor for them. They can also look forward to getting treated by a specialist in case the primary care doctor is not the best for the choice. However, one would require the referral of the primary doctor in case they are opting for a specialist.
Exclusive Provider Organization (EPO)
An EPO insurance scheme does not require the assistance of a primary care doctor. Nor does this plan include any need for referral from a primary doctor. Then why is this insurance plan a good choice? Well, this insurance scheme is ideal for those people who are keen to lower their overall out of pocket costs.
How to decide?
Once you have gone through all the different schemes, now comes the time to make the choice. This is the time where you can compare a range of private health insurance scheme and choose the one that suits you the best. The best way is to analyze each plan separately and see which one suits you the best. Check out for all the different kinds of coverages and then make the best choice.