Health insurance is one of the most famous investments. Especially since the pandemic started, finding health insurance has become everyone’s top priority. But before you choose health insurance, you need to know about common health insurance plans.
Health Insurance Plans
HMO – Health maintenance organization is for lower cost and primary doctor for your care. However, you will need a doctor’s referral to see a specialist. To use this insurance, you need to be in the same service area except for emergencies.
PPO – Preferred provider organization is a type of insurance that contracts certain medical providers. You will pay less if you use the medical providers, but you can also use outside providers at an additional cost.
EPO – Exclusive provider organization is insurance that lets you choose providers. You also don’t need referrals, but you still need to live or work in the same service area except for emergencies.
POS – Point of service plan gives you a broader choice of medical services. You will need referrals to see a specialist and can go out of the service area, at an additional cost.
Finding Health Insurance Tips
1) Figure out the time and place to enroll
You can browse for health insurance in your state’s marketplace and federal exchanges like HealthCare.gov. Health insurance only opens enrollment for a certain period. That’s why you need to make sure that you have the requirements ready. You also need to consider how much health care you use because it could affect the costs breakdown.
2) Review plan options
If you already have health insurance and are thinking about switching plans, you need to make sure that there’s a better value offered for you. You can also check if there are changes in policy or premiums. Even if your financial status is stagnant, there is no harm in checking for a better value.
3) Compare estimated yearly costs along with monthly premiums
When finding health insurance, it is easy to focus on monthly premium payments. But you also need to calculate the deductible and copay. A deductible is an amount you pay for medical care before you can reimburse your insurance. A copay is a flat fee you need to pay each time you use a health care service.
4) Get advice from an expert
Trying to calculate the entire health insurance can be confusing. Especially for someone who is not familiar with it. That’s why you might want to consider getting advice from an expert. There might be a lot of short-term plans that offer low monthly premiums, but don’t cover important stuff like prenatal care or mental health treatments. Experts in health insurance called the navigators will help you to resolve this problem.
Now that you cover all basics before finding health insurance, the next thing you want to make sure of is that you have your documents ready. These documents involve social security cards and tax returns. You might want to bring these documents when meeting the navigators and discuss your health insurance choice.