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Understanding the complex world of health insurance can be rather challenging. At The Smith Insurance Group Inc., located in Sandy, UT, our goal is to make it easy and help you understand the different types of plans and policies available. Review some of the most popular ones so that when you come in for your consultation, you can feel comfortable about the level of knowledge you have on the subject.
The Four Main Types of Health Insurance
Health Maintenance Organization (HMO) Plans
HMOs offer a range of services within a network of healthcare providers. With this plan, you must choose a primary care physician (PCP) who will manage your healthcare needs. You’ll need a referral to see specialists. HMOs usually have lower out-of-pocket costs, but you’ll have limited flexibility when choosing a provider.
Preferred Provider Organization (PPO) Plans
PPO plans offer more flexibility in choosing healthcare providers. You don’t need a referral to see a specialist; you can visit providers outside the network. However, out-of-network care may result in more money coming out of your pocket.
Exclusive Provider Organization (EPO) Plans
EPOs are a combination of sort between HMO and PPO plans. Like HMOs, you’ll need to select a primary care physician and receive care within the plan’s network. However, you don’t need a referral to see specialists. EPO plans typically have lower premiums than PPOs but offer less flexibility in provider choice.
Point of Service (POS) Plans
POS plans combine elements of HMO and PPO plans. You’ll choose a primary care physician and need referrals for specialist care. However, you can receive out-of-network care at a higher rate if you choose to. POS plans will have you reaching for your wallet less than PPOs but offer more flexibility than HMOs.
Get Expert Guidance from The Smith Insurance Group Inc.
At The Smith Insurance Group Inc. in Sandy, UT, we know that every individual and family has different healthcare needs. Our knowledgeable staff will help you review the different types of health insurance plans and assist you in choosing the best plan for your situation. Contact us today to start your journey toward the health coverage you need.
