Your Guide to Choosing the Best Type of Health Insurance Plans

In 2021 there were nearly 30 million people without health insurance in the US. Leaving them vulnerable to financial ruin should a medical emergency happen.

If you find yourself in need of health insurance you may be reluctant to choose which is best for you. After all, there are many aspects to choosing the best type of health insurance plans for you or your family. Without knowing what the different plans include, it can be intimidating to make a decision.

That’s why we’ve put together this short guide to the different types of health insurance, and what to keep in mind while deciding what’s best for your situation.

Preferred Provider Organization (PPO)

With these health insurance policies, you pay less for healthcare if you choose providers that are included in the plan’s network. You can still access doctors outside of your network for an additional cost.

Preferred provider organizations are separated into 4 tiers based on how costs are split. These tiers are split like this:

  • Bronze – 60% insurer, 40% policyholder
  • Silver – 70% insurer, 30% policyholder
  • Gold – 80% insurer, 20% policyholder
  • Platinum- 90% insurer, 10% policyholder

Point of Service

With this type of plan, you pay less when you access in-network providers and hospitals. However, if you need a specialist’s care, you have to get a referral from your primary care provider.

As with most insurance policies, this does not include emergency situations. If you have to access an out-of-network provider for an emergency, the plan will give you the same benefits they give you for in-network services.

Health Maintenance Organization

These types of plans typically focus on integrated care, prevention, and wellness. These plans will usually require a policyholder to live or work in their service area in order to obtain overage with them.

HMOs limit coverage to doctors and healthcare providers who work for or are contracted with the insurer. The only time they cover expenses for care outside of their network is in emergency situations.

Exclusive Provider Organization

This type of policy only covers services provided by doctors, hospitals, and other providers inside of their network. EPOs will not cover any of the costs for services performed by providers outside of their network. However, emergency services will be covered by the plan if needed.

Choosing the Best Type of Health Insurance Plans

When choosing health insurance, keep in mind your needs and wants. Keep in mind:

  • What doctor do you want to use
  • Individual or family plan
  • Do you use prescriptions
  • Do you have a pre-existing condition
  • Do you travel a lot

While the above health insurance policies are the most common, they are not the only ones. If none of the above health insurance policies fit your needs, you may need to consider custom health plans.

Stay Informed

We hope this short guide to the best type of health insurance plans was helpful and informative. Don’t forget to share this article with your friends and family on social media.

Be sure to check out the rest of our blog to stay informed on health topics and more before you go too.