If you are just now considering a medical insurance plan, or you are looking to change your current plan, you may feel perplexed at the different kinds of medical insurance plans available.
Different medical plans are designed for specific medical and financial needs in mind, so there is a plan ideally fit for most everyone. Medical health plans vary from government issued health care to private healthcare distributed by employer, to premium insurance. If you are currently uninsured, it is in your best interest to find a plan that works for you right away. Here is a list of the most popular medical plans that may fit your needs and expenses.
HMO
An HMO plan, which is short for Health Maintenance Organization, is a plan that offers a variety of healthcare services through a participating network of healthcare providers. HMO plans generally cover a broader spectrum of healthcare services than other plans offer. This plan requires that you choose a primary care physician. The designated physician takes the responsibility of providing most of your healthcare needs. If, for whatever reason, you need to see a specialist, you must first gain a referral from your primary care physician. While different HMO’s vary, each plan will generally require lower out-of-pocket healthcare expenses. You may want this plan if you want lower premiums, need coverage for preventative care such as checkups, and if you want a lower deductible.
PPO
The Preferred Provider Organization plan is another popular type of plan preferred by many individuals and families. This plan does not require a primary care physician, however you will be persuaded to use the insurer’s network of preferred doctors. In this plan, you will most likely have an annual deductible to pay, and you will likely have a co-pay cost. If you prefer a specific specialist, it is best to investigate whether your insurance provider accepts your health insurance plan. People who choose this plan generally want the freedom and immediacy or choosing virtually any medical facility or provider to meet your specific health needs. Many people who need specialized medical treatment would rather pay for this plan than another if they prefer the care of a specific specialist.
EPO
EPO plans grant you access to all of the health care providers within its network, which also includes specialists. Unlike PPO plans, EPO plans most likely will not offer a portion of coverage for care providers outside of their preferred network, unless in the case of an emergency. This is, once again, another plan preferred by those who do not want to wait to be referred by a primary care physician.
Obamacare
Obamacare, as it is called, was issued under the Affordable Care Act. The Affordable Care Act essentially mandates that everyone have health insurance or else pay a penalty. Subsidized health insurance is available for Americans who earn under 400% of the Federal Poverty Level. Those who get insurance through Obamacare will also qualify for Medicaid or will be covered through an employer. The idea of Obamacare is that it allows coverage for everyone, and seeks to give affordable care to those especially who are unable to afford it, so medical facilities cannot refuse a patient.
Medicare/ Medicaid
These plans are both government-issued health insurance programs that are designed to aid low-income families and individuals. Those with disabilities may also qualify. The costs of these sources are significantly lower incomes. Medicaid is specifically meant for low-income individuals, while Medicare is usually limited to those aged 65 and older. Medicare is a federal program, while Medicaid is both federal and state based. Older Americans will generally opt for Medicare to supplement their health insurance. Medicare is a type of senior’s life insurance that help provide for the person’s financial future before and after he or she passes.
