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The Three Main Types of Health Insurance | XL Health Blogs

The Three Main Types of Health Insurance

Posted on 06. Aug, 2014 by in Wellness

With the recent healthcare reforms, understanding the features and benefits of different types of health insurance is crucial to choosing the right coverage. What types of health insurance are there? If you are shopping for health insurance, this question may have come to mind. The following are three common health insurance plans you should understand before purchasing health insurance. HMO (Health Maintenance Organization) health insurance plans require you to choose a primary care physician. This will be your personal doctor and will also coordinate your medical care. If you need to see a specialist, your primary care physician will need to write you a referral. You will be required to cover all or almost all costs for care received without a referral or outside of your network. Besides HMO, what types of health insurance are there? HSA (Health Savings Account) insurance plans are intended to provide affordable healthcare. These accounts allow individuals to add savings to an account that will be used for medical expenses. The funds are placed in a tax-free account that builds interest. To be eligible to open an HSA, you must first purchase a High Deductible Health Plan. HSA plans can be beneficial for those needing a more affordable insurance option. PPO (Preferred Provider Organization) is a health insurance plan that allows you to see providers in a preferred network. When you receive care from a provider in your preferred network, you will be required to pay a copayment for your visit in addition to your annual deductible. You will not need a referral to see providers in your network. Seeing a provider outside your preferred network will result in higher payments. A variety of specialists and services will be available to you within your network at a reduced rate. Most have wondered, what types of health insurance are there? Understanding the three main plans gives you a fundamental understanding of health insurance options. Your individual needs, risks, and finances will dictate what type of health insurance plan is right for you.

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