In this era, it isn’t easy to live without a health insurance plan. Imagine a situation where you get diagnosed with a chronic illness that has high healthcare costs. Such a scene can take a toll on your financial health and lead to severe consequences. Therefore, signing up for the best health insurance plans is crucial for your sustenance.
However, there are numerous coverage options that can make it difficult to choose the most suitable plan. These plans vary according to the benefits level, including bronze, silver, gold, and platinum. Furthermore, there are four different types of plans that you can get, and each plan has different pros and cons.
Let’s specifically scrutinize each of the plans and identify the best one for you.
The most common individual plans are health management organization (HMO) plans with a local area coverage network. If you see a doctor out of your network, you will bear the entire payment burden. Plus, you can only see a specific primary care physician, and if they refer you to a specialist, you’ll also bear the entire cost of a specialist.
Plus, it’s important to get referrals to see specialists. These HMO plans usually have a low premium and copays payment, generally around 20%. While most plans have copays, it’s very unlikely that these plans would have a deductible.
Preferred Provider Organization (PPO) plans are a different ballgame from HMO plans. These plans contain an extensive network of doctors and hospitals, and there’s no restriction to seeing a specific primary provider. Also, you won’t bear the full cost if you see a doctor out of your network. But the costs will be lower if you visit an in-network doctor.
However, these plans can have a high premium and may even have minimum deductibles.
Exclusive Provider Organization (EPO) is slightly an updated version of HMOs. You can have access to a wider network of doctors than HMOs, but the plans won’t bear the cost if you see a specialist out of your network. Plus, you don’t need to get referrals, and these are general low-cost plans.
These plans are a combination of HMO and PPO plans. You’ll have a more accessible network in such a plan, but it costs more if you see a third-party provider.
These are separate plans for people who are less than 30. The perks of this plan include low premiums, free preventive care, and visits. Also, the plan covers the entire cost once you meet the deductible.
Which Plan is the Best?
All four health insurance plans have different characteristics and serve the needs of different population segments. If you’re someone who is going through a severe illness, it’s better to take a PPO plan because PPOs are comprehensive coverage and have a wide range of providers.
In contrast, the best plan would be EMO plans if you just want to get a low-cost plan for emergencies. EMOs are generally better than HMOs because while they are inexpensive, they’ll provide a wider provider network.
Health insurance is a dire necessity because healthcare costs are increasing exponentially. Many companies like Aetna, Cigna, and BlueShield have numerous provider networks and plans to serve your healthcare needs efficiently. While the numerous options may confuse you, it’s better to niche down to the options you want.
If you want personalized quotes that conform to your healthcare needs, Insurance shopping can help you get free quotes. Visit our website to explore the range of options.