The Different Types of Individual Health Insurance Plans
Many of the health insurance companies here on Health Insurance Online offer a variety of health insurance plans for you to choose from. Each health insurance plan has differing premium amounts, co-pay amounts, coverage levels and so on, and many of them can be custom tailored to suit the individual needs of you or your family. The most popular types of these plans include:
HMO plans are the most popular type of health insurance plans available. Their combination of low premium cost and low co-pay cost make them attractive to a wide range of individuals and families. However, HMO's lack the freedom found in other plans, due to needing to go through a primary care physician before seeing a specialist, if needed.
PPO plans also offer significant savings on health care costs in comparison to being uninsured, but unlike HMO plans, PPO plans don't require you to see primary care physician before seeing a specialist. However, this freedom comes at a price, meaning that PPO plans are usually more expensive than HMO plans.
Health Savings Accounts, or HSA's, are usually coupled with high deductible health plans, described below. HSA's allow individuals to deposit non-taxed money into an account that may accumulate and grow year after year if not used. The money in these accounts can then be used pay for qualified medical expenses.
A Point of Service insurance plan gives you a limited amount of choice in terms of doctors and specialists in return for lower priced premiums and co-pays. When you're in a POS plan, you choose only your primary care physician from within the health insurance company's network, and if you need to see a specialist outside of the network, the company might only offer some financial coverage.
High deductible health plans offer lower premiums than some other plans. However, as their title suggests, their deductibles are much higher than other health insurance plans, the deductibles for these plans are very high, meaning you will pay more in out-of-pocket costs if you do require medical attention.